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Nasdaq slides on Intel reports

Technology stocks slip after analysts bring down estimates for chipmaking behemoth Intel. Technology bellwether Cisco Systems also falls.

Technology stocks slipped Monday after analysts brought down estimates for chipmaking behemoth Intel.

The Nasdaq composite index shed 32.07 points to 2,034.26, and the Dow Jones industrial average lost 111.47 to 10,401.31.

With no economic news Monday, investors shifted their attention to Wall Street for some disappointing news about Intel. Analysts from Lehman Brothers and Salomon Smith Barney both trimmed their outlooks due to the semiconductor company's price war with rivals. Shares fell $1.40 to $30.28; Intel was the most actively traded stock on the Nasdaq.

Competitor Advanced Micro Devices was down $1.63 to $17.62, and CNET's Semiconductor index was off almost 3 percent.

Technology bellwether Cisco Systems also suffered on analysts' talk. Shares slipped 51 cents to $19.54 as analysts report that they aren't expecting much good news from the networking company's fourth-quarter earnings report Tuesday. Wall Street is predicting Cisco will lower its long-term growth rates while meeting estimates for the quarter.

In merger news, satellite television provider EchoStar Communications has $30.4 billion in stock to buy Hughes Electronics, a unit of General Motors, for its DirecTV business. EchoStar was off $1.65 to $28.79 , and Hughes Electronics was up 68 cents to $20.04. The move could kick off a bidding war with News Corp.

Among other heavily traded techs, Microsoft was down 76 cents to $66.13, Oracle slipped 54 cents to $17.46, and Sun Microsystems fell 59 cents to $17.13.

Amazon.com fell 25 cents to $11.90, AOL Time Warner fell 88 cents to $46 and Yahoo lost 48 cents to $ 17.39.

Staff and Reuters contributed to this report.