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BUZZ-Semiconductor stocks: Painful memory

Reuters - UK Focus

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

** Sandisk (NasdaqGS: SNDK - news) cuts Q1 revenue forecast by more than $1 bln 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's probably still too early to go long

** On flip side, trader notes sloppiness in trading of Micron, 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 analyst downgrades 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 bearish signal (RM (LSE: RM.L - news) : lance.tupper.thomsonreuters.com@reuters.net)