Tech stocks tumbled Wednesday after Cisco missed revenue estimates and lowered guidance.
Cisco fell 3.3% on its disappointing sales, dragging the Nasdaq to a 1.6% loss on the day.
HP , meanwhile, soared 7% on hopes that the ouster of CEO Carly Fiorina will reverse the IT giant’s sagging fortunes.
Tech investors are now pinning their hopes on Dell’s earnings report due out after the close on Thursday. Dell shares were little changed on Wednesday ahead of that report.
The Nasdaq tumbled 34 to 2052, the S&P 500 fell 10 to 1191, and the Dow lost 60 to 10,664. Volume rose to 1.51 billion shares on the NYSE, and 1.97 billion on the Nasdaq. Decliners led 21-11 on the NYSE, and 23-7 on the Nasdaq. Downside volume was 74% on the NYSE, and 86% on the Nasdaq. New highs-new lows were 206-21 on the NYSE, and 115-47 on the Nasdaq.
After the close, KLA-Tencor offered $11.50 a share for August Tech
. Napster
reported 30% sequential growth and raised guidance.
During the day, Computer Sciences lost 5% after the company missed revenue estimates.
Blue Nile and Open Text
surged on their earnings reports.
Sonic Solutions tumbled 16% on a warning, and Amkor
fell on its results.
Microstrategy lost 10% on a downgrade.
