was down 2.4% in preopen
analyst Dan Niles lowered earnings and revenue growth estimates for the specialty chipmaker and its rival,
, citing sluggish bookings and high inventories at contract manufacturers.
Xilinx was down 2.6%.
Xilinx's revenue growth projections were lowered to 15% from 20% for 2001, while Altera's were dropped to 4% from 10%. The earnings per share estimate for Xilinx was dropped to $1.25 from $1.30; for Altera, it was cut to 89 cents from 94 cents.