was dropping 4% to $18.20 before the bell on Instinet.
, Robertson Stephens Tuesday commented on the implications of
earnings for communications integrated circuits makers, including PMC-Sierra. The firm said that while inventory levels have peaked, the resumption of sustained sequential revenue growth could be more prolonged.
As a result, the firm wouldn't be surprised to see a pullback in the communication IC stocks after Cisco's results have been digested.
Applied Micro Circuits
, another company in the group, was falling 2.3% to $13.53 in premarket trading.