Berger notes that the SOX has sold off about 7% in recent weeks, while the rest of the market moves to new highs, suggesting that some of the bad news is already in the semi stocks.
Adjusting them sometimes only moves the point of distress to a new position, while in other cars there seems to be no way in which to reposition them higher or lower.
The Motorola lawsuits come as the line between computer manufacturers and mobile-device makers blurs, with new entrants such as Apple and Hewlett-Packard Co. making bigger moves in the mobile sector, while traditional handset makers such as Samsung Electronics Co. enter the tablet market.