This story has been updated with closing prices and information on Google and Marvell.
NEW YORK (TheStreet) -- Brocade Communications Systems (BRCD) was one of tech's losers on Tuesday, dropping 2.22% to close at $4.41 as investors digested the latest downgrade of the network equipment maker.
Analysts at ThinkEquity downgraded Brocade from "Buy" to "Hold" before Tuesday's opening bell, citing the departure of another top executive, increasing competition and macroeconomic uncertainty. On Monday, Brocade announced that its Senior Vice President of Worldwide Sales, Ian Whiting, will be leaving on June 18. Until a permanent replacement is appointed, the company's CEO Mike Klayko will assume responsibility for worldwide sales.
TheStreet ratings downgraded Brocade last month.Google (GOOG) shares sank 1.41% to close at $570.41 on Tuesday. Meebo, a seven-year old consumer internet platform, announced an agreement to be acquired by Google in a company blog post on Monday. The Internet company is said to improve Google's networking service, Google Plus. Shares of Sony Corporation (SNE), however, climbed 3.21% to end at $13.20 on Tuesday. The gadget giant announced a new product called Wonderbook based on the popular and highly lucrative Harry Potter book series, at the annual Electronic Entertainment Expo on Monday. JMP Securities' Alex Gauna upgraded his rating of Marvell Technology (MRVL) from "Market Underperform" to "Market Perform" on Tuesday. The chip maker's share price rose 2.29%, closing at $12.30 on Tuesday. Research in Motion's (RIMM) shares staged a modest rally after tumbling almost 6% on Monday. The company's stock briefly reached $10.19 during Tuesday morning trading, before retreating slightly to close at $9.98, an increase of 3.36% on RIM's opening price. Fusion-IO (FIO) shares closed down 0.58% to $18.81 on Tuesday, despite receiving an upgrade from Sterne Agee, which gave the company a $24 price target. The storage specialist's stock has pulled back to an attractive level and has positive, near-term growth drivers, Sterne Agee said. --Written by Nathalie Pierrepont in New York. >To submit a news tip, send an email to: email@example.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV