The semiconductors sector and related exchange traded funds were dragged down by disappointing results out of Intel (NasdaqGS: INTC) as the chipmaker experiences product delays and rising competition.

On Friday, the VanEck Vectors Semiconductor ETF (NYSEArca: SMH) fell 0.8% and the iShares PHLX Semiconductor ETF (NasdaqGM: SOXX) dipped 0.7%.

Bearish traders, though, capitalized on the misery with the ProShares UltraShort Semiconductors (NYSEArca: SSG), which takes the -2x or -200% daily performance of the Dow Jones U.S. Semiconductors Index, and the Direxion Daily Semiconductors Bear 3x Shares (NYSEArca: SOXS), which provides a -3x or -300% performance of the PHLX Semiconductor Select Index. On Friday, SSG jumped 3.9% and SOXS increased 2.3%.

Intel shares plunged 8.6% Friday and broke below its long-term support at the 200-day simple moving average.

While the chipmaker revealed strong second quarter earnings and revenue, analysts were concerned about rising competition from Advanced Micro Devices, CNBC reports.

Subscribe to our free daily newsletters!
Please enter your email address to subscribe to ETF Trends' newsletters featuring latest news and educational events.