Vitesse Semiconductor

(VTSS)

was down 11.2% in midmorning after hitting a 52-week low of $27.81. After Monday's close it cut its second-quarter revenue forecast to $120 million to $125 million from a range of $150 million to $160 million.

The chipmaker also slashed its earnings forecast for the quarter to 10 cents to 11 cents from 21 cents to 22 cents. The company said it expects the weakness to continue into the next quarter.

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J.P. Morgan Chase

and

Lehman Brothers

cut their 2001 earnings estimates for Vitesse.