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MIDDAY MARKETS: PMC-Sierra puts pressure on techs

Techs suffered from PMC-Sierra's pull on communications chipmakers at midday Friday. The Nasdaq shed 33.34 to 2,720.94 and the Dow Jones industrial average was off 26.54 to 10,702.98.

The Inter@ctive Week @Net Index fell 11 to 310.30.

PMC-Sierra (Nasdaq: PMCS), down $26.44 to $69.44, rattled shares of communications chipmakers Friday after the company said a severe inventory correction and slumping orders from telecommunications carriers will dent sales and earnings. Applied Micro (Nasdaq: AMCC), down $5.25 to $72.75 and Broadcom (Nasdaq: BRCM), down $2.63 to $101.38, had their price targets cut.

Solectron (NYSE: SLR), fell $1.25 to $38.25, after it reiterated its outlook for the second quarter and fiscal 2001 Friday and Flextronics (Nasdaq: FLEX), down $0.06 to $36.12, will take over manufacturing of Ericsson mobile phones. Ericsson (Nasdaq: ERICY) plunged $2 to $11.

Shares in JDS Uniphase Corp (Nasdaq: JDSU), up $1.75 to $56.94,jumped in early trade on Friday as analysts trimmed back estimates in line with reduced forecasts but kept buy recommendations intact on improved long-term growth prospects.

AT&T (NYSE: T), down 0.56 to 23.38, WorldCom (Nasdaq: WCOM), up $0.19 to $20.56 and Sprint (NYSE: FON), down $0.13 to $24.38, were off. AT&T reports earnings Monday and WorldCom is reportedly mulling over layoffs. Earnings from AT&T and Sprint next week are likely to bring the sector down with plunging long distance revenue and a mixed outlook for upcoming quarters.

Telecommunications equipment maker CIENA Corp. (Nasdaq: CIEN), down $4.67 to $85.09, said on Friday that it filed with the Securities and Exchange Commission two supplements to its $1.5 billion shelf registration statement. (Nasdaq: EGGS), down $0.22 to $1, said it will fall short of fourth quarter revenue estimates, despite projecting a narrower-than-expected loss for the period, due to softening demand. But officials said the company is still on track to reach profitability in the fourth quarter of this year.

Cisco(Nasdaq: CSCO) lost $2.88 to $36.44, Intel (Nasdaq: INTC) lost $0.63 to $3.88, Oracle (Nasdaq: ORCL) shed $0.31 to $29.63 and Microsoft (Nasdaq: MSFT) fell $0.63 to $62.44.

Amazon (Nasdaq: AMZN) rose $0.31 to $19.31, AOL (NYSE: AOL) slipped $2.24 to $53.53 and Yahoo! (Nasdaq: YHOO) fell $2 to $37.18.