Applied Micro Circuit
was down 9.8% in midmorning after
cut it to near-term accumulate from buy, part of a broad downgrade of communications-chip stocks.
Also among those downgraded to near-term accumulate were
, which was down 8.1%;
, off 9.7%;
, down 9.4% and
, down 2.5%.
Merrill cited the same inventory concerns that caused the sector to fall earlier this week on