Analyst Actions: PMC-Sierra, Ericsson, BroadVision, Emmis Communications
Heck, if the company you covered surprised everyone with a negative outlook, you'd downgrade it, too. Networking chip company PMC-Sierra (PMCS Quote) has been hit with a slew of downgrades this morning after the company said its outlook for the next few quarters was diminished due to inventory overhang and reduced demand for products.
It was cut by Credit Suisse First Boston to buy from strong buy. Lehman Brothers reduced 2001 earnings estimates to 84 cents a share from $1.64. UBS Warburg downgraded the company to hold from strong buy, and Robertson Stephens lowered its rating to buy from strong buy. Goldman Sachs downgraded the company to market outperformer from its recommended list.
The company last night reported earnings of 34 cents a share, in line with expectations, but said it expects a sharp decline in revenue and earnings for the first quarter. That scared investors this morning; the stock was down 40% in preopen trading today. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,366.15 | 1,099.92 | 2,173.14 | 33.80 |
Oil *
77.73
|
|
DOWN
86.53
|
DOWN
9.32
|
DOWN
11.89
|
UP
0.57
|
10 Yr
3.38%
SPDR Gold
118.70
|
|
-0.83%
|
-0.84%
|
-0.54%
|
+1.72%
|
Data delayed 20 minutes |
Connect with TheStreet