Updated from 2:17 p.m. with new stock prices
Tech stocks were trading lower, along with the major market indices, as investors worried about rising oil prices and
of the financial services sector in the U.S.
fell 74 cents, or 3.3%, to $21.99 following reports that more senior executives are leaving the company after a failed acquisition bid for the company by
Wall Street Journal
also reported that Yahoo!
merging its mail, search and home-page divisions into one centralized unit.
Chinese web company
shed $11.34, or 13.6%, to $71.96 after the company said the upcoming Olympics in Beijing would be a huge driver for online advertising but ad revenue growth could slow in 2009. This fiscal year, Sohu expects online ad revenue to grow 40%-45% and fall to about 20% to 30% in 2009.
Sohu.com's comments also affected Chinese search engine
, which declined $12.31, or 3.7%, to $322.50.
fell $2.29, or 9.8%, to $21.15 after a Citigroup analyst
cut his rating
on the stock to hold from buy and reduced the price target on the stock to $27 from $35. With demand in Asia slowing down, analyst Craig Ellis expects lower product growth in the second half of the year.
was down $2.85, or 9.5%, to $27.14 after an analyst at Goldman Sachs downgraded the stock to sell from neutral and added to it Goldman's Conviction Sell List, largely based on valuation. Logitech's stock trades at a P/E multiple premium of about 70% compared to other European tech hardware stocks such as
, said the analyst.
IT security company
lost 79 cents, or 3.9%, to $19.41 after an analyst at Friedman, Billings, Ramsey downgraded the stock to market perform from outperform and cut his price target to $23 from $24. The stock has jumped 25% since the beginning of the year, said the analyst, and "macro-headwinds" could affect near-term growth expectations for the company.