Downgrade Pummels 21.2% From Qualcomm

Qualcomm (QCOM) was down 21.2% in late morning after Deutsche Banc Alex. Brown downgraded it to buy from strong buy with five other wireless telecommunications companies.

Qualcomm was also hurt by a report that its latest wireless technology would be delayed in hitting European markets.

The other companies affected by the downgrade are Airspan (AIRN), down 10.2%; Powerwave (PWAV), down 10.6%; Stanford Microdevices (SMDI), down 24.2%; DMC Stratex, (STXN), down 1.9% and Tekelec (TKLC), down 7.6%.