Semiconductor makers lost ground across the board in today's action, following research notes from
, who offered less-than-optimistic outlooks for the sector.
The ever-volatile chips were trading sharply lower. The
Philadelphia Stock Exchange Semiconductor Index
was down 4.9%. Many of the chip names were down at least 5% since the open, but some took the bulk of the punishment. Hit hardest were the communication chips, such as
Applied Micro Circuits
. Broadcom, which is down 11.2% in the last month, dropped $3.13, or 8.5%, to $33.76. PMC-Sierra was off $3.04, or 8.7%, to $32.06, and Applied Micro fell $1.84, or 8.9%, to $18.78.
Morgan Stanley analyst Mark Edelstone
lowered his earnings estimates on seven companies, including Broadcom, PMC-Sierra,
. Lehman Brothers analyst Dan Niles
reduced his earnings estimates on
on Wednesday morning, but he maintained his ratings on the companies.
Shares of Micron, which are off 16.3% in the last month, were down $2.17, or 5.7%, to $35.81 in recent
New York Stock Exchange
trading, while Cypress Semiconductor dropped $1.34, or 5.9%, to $21.41, also on the Big Board. SimpleTech was down 45 cents, or 13%, to $3.
Texas Instruments fell $1.99, or 5.4%, to $34.56.
was off 92 cents, or 3.3%, to $26.92, and
Advanced Micro Devices
slid 4.3% to $28.17.