NEW YORK ( TheStreet) -- Tech stocks turned red on Wednesday, continuing the sector's recent bearishness, as the Nasdaq Composite Index lost more than 1%.
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 http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.