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SAN FRANCISCO -- The software sector was hit by a series of downgrades by sell-side analysts Monday.
Investors accordingly snubbed software stocks on a day when the Dow was down 2.3% and the Nasdaq fell 4.3%. The iShares S&P GSTI Software Index(IGV Quote) was recently off 4.2%.
A bailout plan, if passed by Congress, comes too late to help the sector's third-quarter results, Wedbush Morgan analyst Michael Nemeroff said in a research report Monday. The crisis in the financial markets likely already reduced IT spending.
IT departments often wait until the last days of a quarter to sign contracts. ...
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