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Applied Micro Circuits (AMCC) was down 7.2% in preopen Island trading. After the close Tuesday, the communications chipmaker posted fourth-quarter earnings of 9 cents per share, meeting the Street's reduced estimate and up from 8 cents a year ago. Revenue, however, fell short of both the company's estimate and the Street's.

Applied Micro Circuits predicted first-quarter results would lie between break-even and a 2-cent profit. Analysts were projecting earnings of 7 cents.