Tech stocks were down as the broader market turned lowe in late trading, with the Nasdaq giving back 0.7% to touch three-week lows.
shares tumbled 5.2% to $24.82 after Oppenheimer downgraded its rating to perform from outperform. The firm expects Broadcom's business to decelerate in the fourth quarter, a trend that could continue to play out well into next year.
Oppenheimer also downgraded
Integrated Device Technology
due to a possible future revenue impact from
Shares of Integrated Device fell 5.5% to $10.44. But Oppenheimer still sees DisplayPort as a big sales driver for the company.
shares were taking a hit after Jefferies downgraded the stock to a hold from a buy. The firm also lowered its 2009 earnings estimates to 91 cents a share from 97 cents a share and cut its target price to $15 from $22.
Marvell was down 7.1% to $14.56 in recent trading.
shares fell on a downgrade from Lehman Brothers to underweight from equal weight. The stock slipped 6.1% to $5.60. Lehman Brothers cuts its full-year earnings estimate to 38 cents from 92 cents and maintained its $6 target price.
shares perked up on the prospect of former Chief Operating Officer Mike Quigley stepping in as CEO to replace Pat Russo.
Quigley had left the company in 2007 but
reports that Alcatel-Lucent's nomination committee is looking to bring him back.
Shares of the telecommunications equipment maker climbed 4.7% to $5.99.