This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

>To follow the writer on Twitter, go to

>To submit a news tip, send an email to:

Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
LSI $0.00 0.00%
CSCO $26.21 -0.87%
IBM $146.47 1.54%
MU $10.06 0.60%
SNDK $74.69 -0.37%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs