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.

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