SanDisk, Cisco, IBM: Tech Losers

NEW YORK ( TheStreet) -- Tech stocks turned red on Wednesday, continuing the sector's recent bearishness, as the Nasdaq Composite Index lost more than 1%.

Flash storage firm SanDisk ( SNDK) was the sector's biggest laggard, plunging 10.73% to $44.68 as investors digested the company's weak first-quarter guidance, delivered late on Tuesday.

SanDisk's forecast also weighed heavily on shares of fellow Flash specialists LSI ( LSI) and Micron Technology ( MU) on Wednesday. SanDisk's stock down was 3.88% to $8.43 in late afternoon trading, while Micron tumbled 4.26% to $7.65., and LSI shares gave back 3.4% to $8.47.

Shares of Cisco ( CSCO) were also under pressure, falling 2.31% to $20.34. The selling continued a downdraft that started on Tuesday after CEO John Chambers' recent comments about weak public sector spending.

Hardware and software giant IBM ( IBM) was off 1.63% to $206.08 after Bank of America Merrill Lynch downgraded the company from buy to neutral, citing limited valuation and near-term upside.

Yahoo! ( YHOO), however, was down just 0.2% to $15.15 after the embattled Internet giant announced plans to cut 2,000 employees.

--Written by James Rogers in New York.

>To follow the writer on Twitter, go to http://twitter.com/jamesjrogers.

>To submit a news tip, send an email to: tips@thestreet.com.

Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.

More from Stocks

Burger King Issues Apology After Massive World Cup Promotional Fail

Burger King Issues Apology After Massive World Cup Promotional Fail

The Winners and Losers in Thursday's Market

The Winners and Losers in Thursday's Market

Stocks Tumble as Dow Heads for Eighth Straight Drop

Stocks Tumble as Dow Heads for Eighth Straight Drop

Starbucks Stock Is Still Plunging

Starbucks Stock Is Still Plunging

Tesla Received Tip That Former Employee Was Going to 'Shoot the Place Up'

Tesla Received Tip That Former Employee Was Going to 'Shoot the Place Up'