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Communications equipment company Agilent Technologies (A) fell 18% by midmorning after the company said late Thursday it would temporarily trim salaries 10% to cut costs and avoid layoffs.

The company also lowered its revenue outlook for the second quarter to less than $2.9 billion, the low side of its earlier projection.

SG Cowen

downgraded the stock to buy from strong buy, citing a lack of visibility of the company's near-term prospects.