QLogic Drops on a Warning

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QLogic (QLGC ) expects fourth-quarter non-GAAP earnings per share to be about 36 cents on lower than expected revenue of about $128 million. QLogic cited the decline in expected orders from two original equipment manufacturing customers for host bus adapters at the end of the quarter. Merrill downgraded QLogic to neutral from buy. ThinkEquity cut to equal-weight from overweight. S&P keeps accumulate.

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