Chipmaker

TranSwitch

(TXCC)

was down 5.1% in early trading after the company named Peter Tallian, a former executive with software maker

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Metavante

, as its new CFO.

Michael Stauff, who had held the position for six years, is leaving to pursue other interests, the company said.

Banc of America

downgraded TranSwitch to buy from strong buy.