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PMC-Sierra Hit Hard on Outlook in Preopen

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Communications chipmaker PMC-Sierra (PMCS) was down 36.9% in preopen Island trading. After the close Thursday, the company posted fourth-quarter earnings of 34 cents per share, matching the Street's estimate and up from 11 cents a year ago. But PMC-Sierra said first-quarter revenue will fall sharply and earnings would be 13 to 15 cents per share, well below the current estimate of 37 cents. The company blamed declining orders and a build-up of inventories.

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