Tech stocks took a sharp dive on Thursday along with the rest of the major market indices following
The Nasdaq fell 2.9% to 2267 in recent trading.
The big loser was communications-equipment maker
, which sank 25% to $13.16 after reporting a big dip in third-quarter profit. The company slashed its guidance for fourth quarter sales, citing purchasing delays by large telecom customers.
The news dragged down the rest of the sector, with
falling 4.2% to $22.33 and
tumbling 6% to $23.69.
stock took a hit after JMP Securities cut its forecast for total licenses in the first quarter to $1.21 billion and also trimmed its revenue outlook to $5.35 billion from $5.399 billion.
The stock was also hurt by a court ruling in a shareholder lawsuit, which found that the Oracle had improperly withheld evidence in the case.
Shares were down 4.8% to $20.17.
shares slipped on Thursday after Deutsche Bank cut its rating to hold from buy and reduced the company's price target to $19 from $25. The stock was down 12.2% to $14.64.
Deutsche Bank also lowered its rating on
to hold from buy and slashed its price target to $15 from $20. Shares of Marvell fell 6.1% to $11.86 .