Tech stocks started Tuesday on a climb but lunged back into negative territory and continued a downward spiral that brought the
to within 3% of its 52-week low.
The Nasdaq closed down 60 points, or 2.6%, to 2210.
plummeted 17.3% to $12.26 after the company said late Monday that it is feeling pressure on its revenue growth and has had to disconnect some of its small business clients due to defaults on their bill payments.
On Tuesday, Citigroup downgraded the stock to hold from buy and cut its price target to $17 from $20. Merriman Curhan Ford also lowered its rating to neutral from buy.
saw its shares fall 7% to $32.47 after its chief scientist -- who is also spouse of the company's former CEO -- resigned from his position late Monday.
VMware is also facing stiffening competition in virtualization products from
continued to tumble on Tuesday, despite a research note from Thomas Weisel stating that investor sentiment has gotten too low on the maker of glass for LCD panels.
The firm upgraded the stock to overweight from market weight. But shares for Corning were still sinking from last week, when the company cut its third quarter forecast. The stock was down 3.5% to $16.
was down 7.2% to $15.40 after Lazard Capital put out a note saying an acquisition by Samsung seemed unlikely. The firm downgraded the stock to hold from buy.
benefitted from an upgrade from Bernstein Research to outperform from market perform. The firm also raised the computer maker's price target to $55 from $51.
Shares of Hewlet-Packard were up 0.6% to $46.01.