Saturday's attack is the biggest on Saudi oil infrastructure since Saddam Hussein's invasion of Kuwait in 1990.Energyread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
"Blaming Iran won't end disaster. Accepting our April '15 proposal to end war & begin talks may," Zarif said on Twitter.Energyread more
Oil prices are expected to jump as much as $10 per barrel after a coordinated drone strike hit Saudi Arabia's largest oil field, forcing the kingdom to cut its oil output in...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
Semiconductor stocks have soundly outperformed the market for years, but Morgan Stanley is now warning the red-hot sector has topped out.
The firm lowered its rating to cautious from in line for the semiconductor industry, citing rising chip inventory levels. The cautious ranking is Morgan Stanley's lowest rating and means its analyst believes the sector will underperform the market over the next 12 to 18 months.
"The semiconductor cycle is showing signs of overheating. … Cyclical indicators are flashing red and any contraction in lead times and/or demand slowdown could lead to a significant inventory correction," analyst Joseph Moore said in a note to clients Thursday. "Furthermore, elevated inventory and stretched lead times leave no margin for error as any lead time adjustment or demand slowdown could drive a meaningful correction. Risk/reward is the poorest it has been in 3 years."
The iShares PHLX Semiconductor ETF is up 12 percent year to date through Wednesday compared with the S&P 500's 7 percent return. Moore noted the PHLX Semiconductor Sector Index is up about 200 percent over the last five years compared with the market's nearly 70 percent gain.
The analyst said inventory levels at chip distributors are at a 10-year high.
As a result, Morgan Stanley's median earnings per share estimates for chip stocks are 2 percent below the Wall Street average for the second half of this year and 4 percent below the consensus for 2019.
"Given the risks we see to semiconductor companies from an overheated semi cycle, we have been conservative in our estimates for broad-based companies," Moore said.
In terms of individual stocks, the firm is lowering its rating to equal weight from overweight for Applied Materials. Morgan Stanley also reduced its rating to underweight from equal weight for On Semiconductor.
— CNBC's contributed to this story.