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Update: Credit Suisse Cuts Network Appliance Rating, Merrill Maintains Buy
Updated from 11:30 a.m. ET
Shares of Network Appliance(NTAP Quote) took a tumble after Credit Suisse First Boston downgraded the company to hold from buy, citing tougher competition in the face of a slowdown in technology spending.
Network Appliance recently plummeted $7.25, or 13.5%, to $46.38 in trading on the Nasdaq. The 52-week low is $41.13, and the high for the year is $152.75.
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