- Associated Press - Thursday, August 19, 2010

SAN FRANCISCO (AP) - Cirrus Logic Inc. shares fell Thursday after a Stifel Nicolaus analyst downgraded the chip maker’s stock to “hold” from “buy.”

THE SPARK: In a client note Thursday, Stifel Nicolaus analyst Tore Svanberg cut his rating for Cirrus, saying the company’s non-portable consumer audio segment might encounter obstacles in the second half of this year due to hiccups in the economic recovery and sluggish consumer spending.

THE ANALYSIS: Svanberg said business that Cirrus gets from Apple Inc. still looks strong, but that its non-portable audio business is “more susceptible to consumer spending patterns and tends to be weaker in times of perceived economic uncertainty.”

SHARE ACTION: Cirrus shares fell $1.31, or 7 percent, to $17.54.



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