Communications chipmakers were left out in the cold for the second consecutive day Friday following
downgrade of the sector on Thursday.
In Nasdaq trading Friday,
Applied Micro Circuits
closed down $5.25, or 8.6%, at $55.69; Broadcom
fell $11.50, or 8%, to $144.50, and
was off $1.94, or 5%, to $38.06.
, bucking the trend, closed up $1.50, or 2.3%, to $65.75.
also edged up $1.19 to $113.
Citing inventory levels "more than 40% higher that historical norms" Merrill cut its intermediate-term rating to "accumulate" from "buy" and reduced its price targets on all of these stocks.