Don't expect the executives at Applied Biosystems ( ABI) to tack this award on their wall, but the biotech equipment maker was the worst-performing stock on the New York Stock Exchange in the first quarter.

Related Stories
Valuations Will Determine Where Stocks Go Now
Bubble's Gone, but Bubble Thinking Still Distorts This Market
Being 'Unpopular' Could Have Saved You Money This Quarter -- and Next
No Quarter: The Fund World Offers Few Ports in 2001's First Quarter
Fund Investors: Do Not Feed the Bears

In a quarter that most companies would wish to forget, shares in Applied Biosystems fell more than 70%, according to Baseline. A revenue warning issued March 22 knocked nearly 40% off the stock, helped the company's slide.

Only companies with a minimum market capitalization of $1 billion were examined. The tumble in the biotech sector during the quarter was blamed primarily on sky-high valuations earned during the prolonged bull run for biotech during 1999 and 2000.

But hey, Applied Biosystems isn't the only biotech company to share in this ignominious attention. Waters ( WAT - Get Report), another biotech equipment maker, lost nearly 47% in the first quarter, enough to place 12th on the Big Board's list of losers.

Genentech ( DNA) was the 16th-worst performer on the NYSE, losing almost 41% during the first quarter.

Biotech firms trading on the Nasdaq didn't perform any better, but the carnage wrought by investors on technology stocks got them off the top of the list.

Still, biotech equipment maker Affymetrix ( AFFX) lost 63%; while biopharmaceutical firms Abgenix ( ABGX) and Protein Design Labs ( PDLI - Get Report) fell 61% and 53%, respectively.

Anyone excited about the second quarter?