STMicroelectronics started at overweight at Morgan Stanley

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STMicroelectronics profit hit by pricing pressure

STMicroelectronics NV (STM.FR) said Wednesday that first-quarter net profit slumped, weighed down by pricing pressure and currency effects. Net profit in the quarter fell by 25% to $178 million compared with $239 million a year earlier, the chipmaker said. Revenue declined 6.7% to $2.08 billion. The company said it expects second-quarter revenue to grow about 2.4% compared with the first quarter, plus or minus 350 basis points, and a gross margin of about 38.5%, plus or minus 200 basis points.

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