Save on Streaming Android 13 Best iPad Best Samsung Phone Best Password Manager Sony Headphones Deal Gym Membership Savings MLB 2022
Want CNET to notify you of price drops and the latest stories?
No, thank you
Accept

MIDDAY MARKETS: Downgrades rattle techs

Cisco and Foundry led technology stocks even lower at midday Wednesday, as more downgrades pulled the Nasdaq down over 4 percent. The tech-heavy index shed 117.16 to 2,394.55 and the Dow Jones industrial average was off 128.55 to 10,455.82.

The Inter@ctive Week @Net Index dropped 20 to 274.28.

Shares of Cisco Systems (Nasdaq: CSCO) . fell 3.75 to 38, or 11 percent to a 52-week low Wednesday after Merrill Lynch downgraded the stock on concerns about slowing capital spending.

Yahoo (Nasdaq: YHOO) shares fell 0.56 to 27.44, as both CIBC Oppenheimer and U.S. Bancorp Piper Jaffray added to the parade of downgrades for the company. Amazon (Nasdaq: AMZN) lost 0.63 to 17.63 and AOL (NYSE: AOL) fell 2.56 to 37.8.

Networking gear maker Foundry Networks' (Nasdaq: FDRY) shares were cut in half , down 16.63 to 14 after the company issued a fourth-quarter warnings and got slapped with some downgrades. Extreme Networks (Nasdaq: EXTR), down 14.46 to 34, was also downgraded.

The downgrades for leading information technology companies just keep coming. HP (NYSE: HWP), down 1.25 to 30.06, and IBM (NYSE: IBM), down 4.81 to 85.31, are the latest victims as Merrill Lynch downgraded both stocks to "neutral."

Jabil Circuit (NYSE: JBL), down 6.31 to 21.5 as analysts downgraded the company following its disappointing first quarter report and outlook for the second quarter.

Research In Motion Limited (RIM) (Nasdaq: RIMM), down 7.38 to 73.38, and Qualcomm (Nasdaq: QCOM), down 3.31 to 80.13, announced a Code Division Multiple Access (CDMA) licensing agreement Wednesday, under which RIM may use Qualcomm's technology and patents to develop, manufacture and sell CDMA products.

Intel (Nasdaq: INTC) was down 0.41 to 33.0, Oracle (Nasdaq: ORCL) fell 1.75 to 28.88 and Microsoft (Nasdaq: MSFT) dropped 2 to 42.81.