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Chip stocks take a broad beating after Samsung warns profit could be cut in half

Shares of semiconductor makers suffered broad weakness Friday, in the wake of a warning from South Korea-based electronics behemoth Samsung Electronics Co. that second-quarter profit could less than half what it was last year.

The PHLX Semiconductor Index SOX, -0.57% pared earlier losses of as much as 1.6% to fall 0.7% in afternoon trading, 26 of 30 components losing ground. The VanEck Vectors Semiconductor exchange-traded fund SMH, -0.66% was down 1.7% earlier, but bounce slightly to be down 0.8, with 22 of 25 components trading lower.

That outpaced the weakness in the broader stock market, in which the technology friendly Nasdaq Composite COMP, -0.07% lost 0.2% and the Dow Jones Industrial Average DJIA, -0.14% gave up 38 points, or 0.1%.

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