SiRF Tech (NASDAQ: SIRF) is recently down $6.41 to $9.86 in pre-open trading.

Soleil says: "Weak Q4 results & Q1 guidance; lowering to Hold; Best outcome a takeout." Bank of America says: "Material degradation to the earnings power implies further downside risk to the stock."

SIRF develops and markets semiconductor and software products designed to enable location-awareness.

SIRF overall option implied volatility of 73 is above its 26-week average of 59 according to Track Data, suggesting larger price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

MOST NOTEWORTHY: Chico's FAS (CHS), Cache, Inc (CACH), JPMorgan Chase & Co (JPM) and National City Corp (NCC) were today's noteworthy initiations:

• Thomas Weisel started Chico's FAS (NYSE: CHS) with a Market Weight rating and $26 target citing near-term mix pressure, lower margin potential and lower square footage growth.

• Thomas Weisel also initiated shares of Cache, Inc (NASDAQ: CACH) with an Overweight rating and $21 target, citing a significant sales opportunity driven by new categories and demographics.

• AG Edwards believes the risk/reward for JP Morgan & Chase Co (NYSE: JPM) is balanced, assuming coverage with a Hold rating.

• Lehman resumed coverage of National City Corp (NYSE: NCC) with an Overweight rating and $41 target...

OTHER INITIATIONS:

• Montgomery & Co initiated SiRF Technology Holdings Inc (NASDAQ: SIRF) with a Buy rating and $32 target.

• Merriman initiated shares of Aware, Inc (NASDAQ: AWRE) with a Buy rating.

• Xinhua Finance Media Ltd (NASDAQ: XFML) was started with a Buy rating at W.R. Hambrecht.

• Matrix USA initiated shares of Florida East Coast Industries Inc (NYSE: FLA) with a Strong Sell rating.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).