Analyst Comments Send PMC-Sierra, Applied Micro Circuits Lower

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was dropping 4% to $18.20 before the bell on Instinet.

According to

, Robertson Stephens Tuesday commented on the implications of


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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.