Tech Winners & Losers: Nvidia

Telecom stocks took a beating as well. Handset maker Nokia(NOK Quote) fell 5.9% to $16.71 while Motorola(MOT Quote) plunged 8.6% to $6.14.

Network equipment makers Nortel Networks(N Quote) and Alcatel-Lucent(ALU Quote) also saw a steep drop in their shares. Nortel was down 10.1% to $1.87 and Alcatel-Lucent was down 11.3% to $3.14 .

Shares of Double-Take Software(DBTK Quote) fell 17.3% to $7.24 after the company warned that its third-quarter results would fall short of its previous guidance.

Double-Take now expects revenue of $23.8 million to $24 million instead of its previous guidance of $25.7 million to $26.3 million. It also sees non-GAAP earnings of 14 cents a share to 15 cents a share, down from its previous guidance of 15 cents a share to 16 cents a share.