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NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by Ridgewater Equity (RWE).

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The semiconductor sector experienced a heavy sell off on Thursday as Bank of America decided to downgrade stocks in the sector because of a concern of rising inventory.

Intel (NASDAQ: INTC) is one of the stocks in the space that struggled today, and Guy Adami thinks the stock will go further down as he doesn't like the valuations. Intel (INTC) fell 4.08% to $19.30.

Texas Instruments (NYSE: TXN) was also downgraded today. Pete Najarian said that he likes Texas Instruments (TXN) and would buy it on the dip. TXN dropped 3.38%.

Other stocks that were downgraded are Marvel Technology Group Ltd. (NASDAQ: MRVL), LSI Corp. (NYSE: LSI), Maxim Integrated Products Inc. (NASDAQ: MXIM), National Semiconductor Corp. (NYSE: NSM), Power Integrations Inc. (NASDAQ: POWI) and Microchip Technology Inc. (NASDAQ: MCHP). These stocks traded in the negative territory today.

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Well the one thing we can say was that it could have been worse as far as the market averages are concerned. We managed to close off the lows of the day, but all-in-all it wasn’t a pretty day for stocks. Volume finished at 4.18 Billion shares traded on the NYSE and 2.13 Billion shares over [...]

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Bank of America/Merrill (BAC) downgraded a number of semiconductor companies, expecting a modest inventory correction, even as economies improve and demand for electronics rises. Four shares were downgraded to neutral, including Intel (INTC), Texas Instruments (TXN), Marvel Technology Group (MRVL) and LSI Corp (LSI). The form lowered Maxim Integrated Products ...

• Bank of America/Merrill (NYSE:BAC) downgraded a number of semiconductor companies, expecting a modest inventory correction, even as economies improve and demand for electronics rises.  Four shares were downgraded to neutral, including Intel (NASDAQ:INTC), Texas Instruments (NYSE:TXN), Marvel Technology Group (NASDAQ:MRVL) and LSI Corp (NYSE:LSI).  The form lowered Maxim Integrated Products (NASDAQ:MXIM), National Semiconductor (NYSE:NSM), Power Integrations (NASDAQ:POWI) and Microchip Technology (NASDAQ:MCHP) to underperform

• Advanced Micro Devices (NYSE:AMD) rose 10.6% yesterday. The firm announced a private debt offering of $500 million of senior notes. This morning's news saw FBR Research raising its price target to $9 from $8, while maintaining a "market perform" opinion

• Goldman Sachs (NYSE:GS) reiterated its "buy" rating on CVS Caremark (NYSE:CVS), saying the shares are cheap at current levels.  The firm said at $30, CVS is selling at just 10.6 times 2010 estimates, below a two year, 14x average, with long-term growth of 13% anticipated

• Reports said Blackstone (NYSE:BX) plans to acquire Birds Eye Foods, the largest US frozen-vegetable company, for over $1.3 billion in an all-cash deal

• Tenneco (NYSE:TEN) priced a 12 million share offering at $16.50 per share for $187 million

• Sears Holding (NASDAQ:SHLD) reported a third quarter loss of 81 cents, less than the $1.09 loss expected, on better-than-expected revenues of $10.19 billion

• Dick's Sporting Goods (NYSE:DKS) reported third quarter earnings of 16 cents a share, ahead of estimates by 7 cents as revenues of $990 million topped expectations of $961 million.  The company said it expect fourth-quarter earnings of 41 cents to 46 cents a share

• Children's Place (NASDAQ:PLCE) reported in-line earnings of $1.38 on in-line revenues of $463 million. Comparable sales fell 2%

• Williams-Sonoma (NYSE:WSM) third quarter beat by 11 cents as earnings posted at 16 cents and revenues exceeded estimates at $729 million

Zacks Investment Research

Firm notes they are downgrading their view on the sector given unfavorable indications from our cyclical framework suggesting a modest inventory correction, even in the face of improving electronic demand and a more constructive outlook for the global economies. They are also downgrading shares of INTC, TXN, MRVL, and LSI to Neutral, and MXIM, NSM, POWI and MCHP to Underperform. Merrill now rates a modest 5 stocks (BRCM, XLNX, ALTR, ADI and LLTC) as Buys within their[More...]

BloggingStocks: Analyst upgrades: Citigroup upgraded FPL Group (FPL) to buy from hold on valuation and recommends buying the stock into the staff recommendation. The firm raised its target on shares to $58 from $55. Deutsche Bank upgraded Smithfield Foods ... Read more

Microchip Technology Inc.’s (MCHP) second-quarter earnings beat the Zacks Consensus Estimate by 2 cents. Revenues beat the consensus by 3.8%. Both revenues and EPS were significantly better than the guidance provided by management. Revenues Revenues of $226.7 million was up 17.5% sequentially and down 16% year over year. Revenues came in over the high-end of management’s guidance [...]

(MCHP) Microchip Technology Inc Beats in Quarterly Report