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This story has been updated with closing prices and information on Google and Marvell.
NEW YORK (
Brocade Communications Systems(BRCD - Get Report) 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.
downgraded Brocade last month.
Google(GOOG - Get Report) 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.
Sony Corporation(SNE - Get Report), 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 - Get Report) 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.
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