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Sector Snap: Analyst downgrades 2 chipmakers

NEW YORK (AP) -- A Macquarie Equities Research analyst on Friday lowered his investment rating on chipmakers Intel Corp. and Nvidia Corp., citing slower sales of PCs and a move to cloud computing.

Analyst Deepon Nag downgraded Intel's stock rating to "Neutral" from "Outperform," citing "pressure in the core PC market." Consumers are buying fewer PCs and spending their money on tablets and smartphones. Intel makes chips that are used in PCs.

Intel shares rose 9 cents to $23.19 in afternoon trading Friday.

He downgraded Nvidia to "Underperform" from "Neutral" saying that a shift toward cloud computing "will impact the company's core graphics business and mobile offerings." Nvidia makes graphics chips that drive the action in video games. It also makes processors for mobile phones and tablets.

Nvidia shares slipped 9 cents to $15.30.

Here's how stocks of other chipmakers fared Friday afternoon:

—Advanced Micro Devices Inc. rose 5 cents, or 1.3 percent, to $3.84.

—Applied Materials Inc. rose 9 cents to $17.97

—Broadcom Corp. fell 19 cents to $26.51.