Tech stocks opened Monday morning with big gains, but by midafternoon, another downturn had taken over the market. The Nasdaq slipped 29 points, or 1.8%, to 1618 in recent trading, coming off a high brought on by news of two separate economic stimulus packages in the U.S. and China. Shares of Nortel ( NT) plummeted 13.7% to $1.01 after the Canadian telecom posted a $3.4 billion loss in the third quarter. Revenue fell 14% to $2.32 billion. The company said it plans to cut 1,300 jobs. Shares of Clearwire ( CLWR) dropped 3.6% to $7.75 after the company missed expectations for third quarter results. Clearwire narrowed its loss to $166.6 million, or $1.01 a share, compared with a loss of $328.6 million, or $2.01 a share, in the year-ago period. Analysts had predicted a loss of $1 a share. Revenue jumped 47% from a year ago to $60.8 million, beating Wall Street estimates of $55.5 million, according to the Thomson Reuters. Shares of Applied Materials ( AMAT) slipped 4.5% to $10.73 after Oppenheimer downgraded the stock to perform from outperform. The firm said Applied's efforts to expand into the solar power business have been hard hit by the economic downturn. Dell ( DELL) shares slipped 5.2% to $11.90 on a report in the Wall Street Journal that it would not release its new portable music player in time for the holidays. Dell had been testing prototypes of a mini MP3 player earlier this year using software developed by Zing. But the Journal reports that the company decided to postpone Zing's release as it finalized the system.