Microchip Earnings: Appears Spring-Loaded for a Rebound in Chip Orders Microchip is calling the bottom on the brutal cyclical downturn that weighed its the business for the past several quarters.

Microchip Technology declined by 6.66 percent on Wednesday to close at $70.25 apiece after a semiconductor giant signaled weaker demand and a cautious outlook for the industry.

Shares of Microchip Technology fell more than 3% on Wednesday after the chipmaker announced plans to raise capital by offering $1.35 billion of convertible stock.