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Though it beat Q3 estimates, Altera (ALTR -6.8%) is diving thanks to guidance for a 6%-10% Q/Q...

Though it beat Q3 estimates, Altera (ALTR -6.8%) is diving thanks to guidance for a 6%-10% Q/Q drop in Q4 revenue - the Street had been expecting a slight increase. During its earnings call, Altera partly blamed the decision of a top customer to migrate two high-volume FPGA designs (4% of Q3 revenue) to ASICs, though it also admitted it's seeing broad-based weakness. Rivals are off, as are some other chipmakers with strong telecom exposure. XLNX -1.5%. LSCC -2.1%. CAVM -3.5%. PMCS -3.2%. AMCC -3%.
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