Updated from 11:40 a.m. ET

CIBC World Markets

downgraded several networking equipment companies this morning, including market behemoth

Cisco Systems

(CSCO) - Get Cisco Systems, Inc. Report

, which it dropped to hold from buy.

Several of the sector's best known names started the trading session sharply lower, but have since largely rebounded.

Yet Cisco was falling again after its CEO said at a conference that the quarter was more challenging than expected. Cisco has been dogged by

rumors that it would miss estimates for the quarter, which ends later this month. The stock recently was down $2.06, or 5.6%, to $35.06.

Juniper Networks

(JNPR) - Get Juniper Networks, Inc. (JNPR) Report

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was dropped to a buy rating from strong buy, and

Redback Networks

(RBAK)

was cut to hold from buy today by the brokerage firm.

CIBC upgraded

Lucent

(LU)

to buy from hold and set a 12-month price target for that stock at $20. CIBC resumed coverage of

Foundry Networks

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, maintaining its buy rating with a price target of $30.

Juniper gained $3.81, or 3.3%, to $121. Redback traded up $4.69, or 13.2%, to $40.13, while Lucent gained 44 cents, or 2.6%, to $17.25 in composite trading on the Big Board. Foundry lost 56 cents, or 5%, to $10.81.