Elantec Semiconductor

(ELNT)

was down 16.1% in preopen

Island

trading after warning that second-quarter earnings would be 20 cents to 22 cents per share and revenue would be lower than in the first quarter. The Street expected earnings of 38 cents per share.

Another chipmaker,

Chartered Semiconductor

(CHRT)

warned late Tuesday, saying revenue would fall 35% sequentially instead of the 15% to 20% decline the company expected. Chartered now expects a loss for the period.

Its stock was not yet trading in the preopen.

Credit Suisse First Boston

sliced its price target to $39 from $50 and lowered earnings estimates.