Sector Snap: Semiconductors tumble (AP)

Monday October 6, 3:58 pm ET Shares of semiconductor companies tumble with rest of Wall Street NEW YORK (AP) -- Shares of semiconductor companies tumbled Monday as fears over a global credit crisis sank stocks and sent the Dow Jones industrial down more than 700 points to below 10,000 for the first time in four years. The Philadelphia Semiconductor Sector Index fell 18.46, or 6.5 percent, to 266.28 in afternoon trading. Shares of Intel Corp., the world's largest chip maker, dropped 27 cents to $17.05. Earlier, the stock hit $16.19, its lowest level since April 2003. Shares of Advanced Micro Devices Inc. fell 30 cents, or 6.2 percent, to $4.24, and slipped to a new 52-week low of $4.01. Citi Investment Research analyst Glen Yeung expects revenue misses from chip companies in the third quarter. "With fundamentals in nearly all... [read full story]