Applied Micro Circuits

(AMCC)

was down 11.4% in active early trading after

Banc of America

analyst Alex Guana cut his 12-month target to $120 from $160.

Guana also reiterated his strong buy. Other semiconductor stocks were mostly lower.

Micron Technology

(MU) - Get Report

was down 1.1%.

Texas Instruments

(TXN) - Get Report

was down 1.7%. The

Philadelphia Stock Exchange Semiconductor Index

was off 0.9%.