Semiconductor exchange traded funds were among the worst-performing sector ETFs on Monday after Wall Street analysts downgraded Fairchild Semiconductor International (NYSE: FCS).
Fairchild was cut to neutral from outperform at Robert W. Baird & Co. on expectations of a decline in semiconductor orders this quarter, Bloomberg reported. The chipmaker’s shares were down 7%.
The stock is a holding in PowerShares Dynamic Semiconductor (NYSEArca: PSI) and SPDR S&P Semiconductor (NYSEArca: XSD). Both ETFs slipped more than 1% on Monday.
Separately, Miller Tabak & Co. analysts on Monday reiterated their buy rating on Fairchild.