Brocade Communications

(BRCD)

was hit hard in today's trading session, as investors punished data storage companies following news of a slowdown at

Emulex

(EMLX)

and a downgrade of

QLogic

(QLGC)

.

Shares of Brocade dropped $12.88, or 17.3%, to $61.44 in recent

Nasdaq

trading.

J.P. Morgan Chase

slashed its target price for Brocade to $85 from $125, citing decelerating top and bottom lines. The firm said in a report that the quarter looks fair, but added that it expects "guidance and comments on visibility to be less bullish than previous quarters."

Shares of

Network Appliance

(NTAP) - Get Report

dipped $1.44, or 3.8%, to $36.50, and

Veritas Software

(VRTS) - Get Report

fell $6.63, or 8.5%, to $71.44 in recent Nasdaq activity.

Gadzoox Networks

(ZOOX)

was down 31 cents, or 6.3%, to $4.63.

Earlier today

U.S. Bancorp Piper Jaffray

slashed its rating on Emulex to neutral after the company lowered its outlook late Friday. The firm also downgraded QLogic to neutral, citing "disappointing"

third-quarter results.

Shares of Emulex plunged to $40.25, a drop of $37.31, or 48.1%. QLogic reclaimed some of the ground it lost earlier in the morning, recently trading at $52.75, down $17.63, or 25.1%. QLogic has traded as low as $45.50 today.