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Weakness Seen in Applied Micro (AMCC): Stock Drops 8.2%

Zacks Equity Research

Applied Micro Circuits Corporation (AMCC) saw a big move last session, as the company’s shares fell over 8% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This continues the most recent downtrend for AMCC, as the stock is down nearly 18% since Jan 21, 2013.

This slump shouldn’t be too much of a surprise to investors, as this integrated circuits company has seen 5 negative revisions in the past few weeks. Also, its current year earnings consensus estimate has moved from break even to a loss of 9 cents. This suggests there may be more trouble down the road. So make sure to keep an eye on this stock going forward to see if this recent slump will continue, as the earnings picture definitely suggests that this might be the case.

AMCC currently has a Zacks Rank #5 (Strong Sell) while its Earnings ESP is 0.00%.

Some better-ranked stocks in Semiconductor industry include Integrated Device Technology, Inc. (IDTI), SemiLEDs Corporation (LEDS) and Himax Technologies, Inc. (HIMX). While Integrated Device Technology carries a Zacks Rank #1 (Strong Buy), SemiLEDs Corporation and Himax Technologies hold a Zacks Rank #2 (Buy).

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