touched a two-year low today after
downgraded the stock to attractive from buy, citing the effects of a slowing economy.
Shares of the Foster City, Calif., company, which makes Internet search and traffic management technology, hit $17.81 today after opening at $18.19 on the
. The shares were lately trading down $1.81, or 9.1%, to $18.25.
In a research report, Bear Stearns analyst Robert Fagin said, "we have been particularly shocked by how abruptly many Internet infrastructure and services companies have seen orders slow or be canceled." Fagin also downgraded computer network company
to neutral from attractive.
Shares of CacheFlow lately lost $3.69, or 17.6%, to $17.38 in midday trading on the
, breaking through a 52-week low. The shares traded as low as $16.25 today. The high for the year is $161.38.
Fagin said he expects Inktomi to be well-positioned in the long term if the economy rebounds in the second half of next year.