Applied Micro Circuits

(AMCC)

fell 14.4% in early trading after saying it is "on alert" because of order cancellations.

The communications chipmaker affirmed its guidance for the March and June quarters, but said it has seen some delays and cancellations in the past week.

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Applied Micro said it is waiting to see if these are merely a blip or a trend that could affect results.

Goldman Sachs

downgraded the stock to market outperform from its recommended list.