Cypress Semiconductor Downgraded

JP Morgan downgraded Cypress Semiconductor (CY) today along with Fairchild Semiconductor (FCS). They believe earnings have peaked for chip stocks. As I mentioned before I like Cypress for the spinoff of their Sunpower unit in Q4 as well as an Ipod play. I think Cypress is worth $18.00 a share.

Note: I am long the Cypress Jan 15 Call