Altera Plunges on Sales Warning

Altera Corp, the world’s No. 2 maker of programmable computer chips, said fourth-quarter and 2001 sales will be lower than expected because of reduced demand. The stock plunged as much as 31%. In a conference call, Altera said first-quarter sales will increase less than 5%. That’s well below third-quarter growth of 84%. Revenue in 2001 will increase 35%, the company said. Analysts were expecting growth of 49%, according to IBES International Inc. It’s the second time this month that Altera warned of a revenue slowdown. Altera shares fell to $18 in after-hours trading. In regular Nasdaq trading, the shares had risen 3 cents to $25.94.