BUZZ-ARM: smartphone slowdown risk
** Chip designer ARM falls back after rallying Thursday as Bernstein downgrades to "underperform"
** Broker sees genuine risk of the smartphone slowdown observed in 1Q15 being the first of a series, more than an inventory correction
** Notes signs of significant average selling price (ASP) pressure, down 16% yoy at US peer Qualcomm (Hanover: QCI.HA - news) in 1Q15
** Stock, down 3.2%, easily top faller on FTSE 100 ; rose c.2% on Thursday, FT attributed the strength to raised earnings guidance from FIH Mobile, the Foxconn-owned factory operator that builds Xiaomi smartphones (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)