“With the downdraft seen in the market over the past several weeks Fairchild’s stock price has come well off its recent high,” they wrote in a report. “We see no fundamental reason for the stock decline and are positive on the outlook for the June quarter and also remain positive on the remainder of the year.”

The sector ETFs lost ground on Friday after National Semiconductor reported quarterly results. [Semiconductor ETFs Down Again]

PowerShares Dynamic Semiconductor