Applied Micro Circuit Loses 9.8% on Downgrade
Applied Micro Circuit
(AMCC)
was down 9.8% in midmorning after
Merrill Lynch
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
Broadcom
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, which was down 8.1%;
PMC Sierra
(PMCS)
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, off 9.7%;
Transwitch
(TXCC)
, down 9.4% and
Vitesse
(VTSS)
, down 2.5%.
Merrill cited the same inventory concerns that caused the sector to fall earlier this week on
Cisco Systems'
(CSCO) - Get Cisco Systems Inc. Report
outlook.
