BUZZ-ARM: smartphone slowdown risk

** Chip designer ARM falls back after rallyingThursday as Bernstein downgrades to "underperform"

** Broker sees genuine risk of the smartphone slowdownobserved in 1Q15 being the first of a series, more than aninventory correction

** Notes signs of significant average selling price (ASP) pressure, down 16% yoy at US peer Qualcomm in 1Q15

** Stock, down 3.2%, easily top faller on FTSE 100 ;rose c.2% on Thursday, FT attributed the strength to raisedearnings guidance from FIH Mobile, the Foxconn-owned factory operator that builds Xiaomi smartphones (RM: tricia.wright1.thomsonreuters.com@reuters.net)