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SanDisk, Cisco, IBM: Tech Losers

NEW YORK ( TheStreet) -- Tech stocks turned red on Wednesday, continuing the sector's recent bearishness, as the Nasdaq Composite Index lost more than 1%.

Flash storage firm SanDisk (SNDK - Get Report) was the sector's biggest laggard, plunging 10.73% to $44.68 as investors digested the company's weak first-quarter guidance, delivered late on Tuesday.

SanDisk's forecast also weighed heavily on shares of fellow Flash specialists LSI (LSI) and Micron Technology (MU - Get Report) on Wednesday. SanDisk's stock down was 3.88% to $8.43 in late afternoon trading, while Micron tumbled 4.26% to $7.65., and LSI shares gave back 3.4% to $8.47.

Shares of Cisco (CSCO - Get Report) were also under pressure, falling 2.31% to $20.34. The selling continued a downdraft that started on Tuesday after CEO John Chambers' recent comments about weak public sector spending.

Hardware and software giant IBM (IBM - Get Report) was off 1.63% to $206.08 after Bank of America Merrill Lynch downgraded the company from buy to neutral, citing limited valuation and near-term upside.

Yahoo! (YHOO), however, was down just 0.2% to $15.15 after the embattled Internet giant announced plans to cut 2,000 employees.

--Written by James Rogers in New York.

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LSI $0.00 0.00%
CSCO $28.82 0.00%
IBM $169.78 0.00%
MU $29.20 0.00%
SNDK $67.92 0.00%


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

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