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Sawtekundefined, a maker of wireless components, was down 24.2% in early afternoon trading. The company attributed the drop to a statement by Qualcomm (QCOM) - Get Free Report, which said that its new technology could eliminate the need for certain components, including those made by Sawtek. Banc of America downgraded Sawtek to buy from strong buy and cut its price target to $75 based on the news. First Union Securities also downgraded Sawtek, to market perform from strong buy. But Sawtek's statement today said the move by Qualcomm would have little or no effect on 2001 revenue or earnings.