Chip sector weakness weighs down Nasdaq

Bargain hunters lifted the Dow during the midday with the blue chip index gaining 68 points to 16,728. The tech heavy Nasdaq dropped 27 points to 4,351 after chipmakers warned of weakness in China.

On the upside

Shares of Diplomat Pharmacy (NYSE: DPLO) surged on its first trading day.

Dave and Buster's Entertainment (Nasdaq: PLAY) climbed in its market debut.

Mad Money's Jim Cramer selected CyberArk Software (Nasdaq: CYBR) as one of his top picks.

On the downside

Microchip Technology (Nasdaq: MCHP) cited weakness in China for lowering its second quarter revenue outlook. Shares of rival chipmakers Fairchild Semiconductor (Nasdaq: FCS) and Micron Technology (Nasdaq: MU) fell in sympathy.

A Freescale Semiconductor (NYSE: FSL) executive sold shares of company stock.

Procera Networks (Nasdaq: PKT) reported lower preliminary third quarter revenue that fell short of analyst expectations.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 5 on the NYSE and by 10 to 9 on Nasdaq. The broader S&P 500 rose 6 points to 1934. Bitcoin added $2 to $356.
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