Semiconductor Sales Plunged 9.8% in November

From CNBC: Semiconductor sales plunged 9.8% in November
Semiconductor sales plunged nearly 10 percent in November from a year ago, led by a steep decline in revenue from memory chips.

The news marks the second monthly sales decline for chip companies, whose stocks were battered in 2008 as the recession sapped demand for consumer electronics and prices declined dramatically in some markets.

Sales in November totaled $20.8 billion, down 9.8 percent from the same month a year ago and 7.2 percent from October. Excluding memory chips, the worst hit by falling prices, sales declined by 4.8 percent to $17.3 billion.

Chip sales during the first 11 months of 2008 inched 0.2 percent higher to $232.7 from the year-ago period. Excluding memory products, sales rose 5.6 percent.

Pegging November's revenue decline as the worst since 2002, JPMorgan analyst Christopher Danely cut his sales estimate for the full year 2008 to a 2 percent drop, from a previous forecast of 1 percent growth. In 2009, Danely now expects a 20 percent decline, instead of a 17 percent drop, with a price decline of 9 percent.