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CORRECTED-BUZZ-Semiconductor stocks: Painful memory

Wed, 01st Apr 2015 19:03

(Corrects figure in second bullet item to $100 mln)

** Selloff in semis that began yesterday to get worsefollowing more bad news on earnings front

** Sandisk cuts Q1 revenue forecast by more than$100 mln citing soft enterprise sales and soft pricing

** Trader at large U.S. bulge-bracket pins SNDK bear case at$58 based on low end of FY16 EPS consensus, and adds that it'sprobably still too early to go long

** On flip side, trader notes sloppiness in trading ofMicron, though thinks bear case already baked in

** Premarket SNDK down 14 pct at $69.75, MU down 3 pct at$25.70

** Market participants say weak US durables goods report,declining PC sales, pullback in growth stocks and analystdowngrades expected to weigh on sector into April results

** Yesterday the Philadelphia SE Semiconductor Index dropped 4.6 pct and closed below its March 12 low, a bearishsignal (RM: lance.tupper.thomsonreuters.com@reuters.net)