was hit hard in today's trading session, as investors punished data storage companies following news of a slowdown at
and a downgrade of
Shares of Brocade dropped $12.88, or 17.3%, to $61.44 in recent
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."
dipped $1.44, or 3.8%, to $36.50, and
fell $6.63, or 8.5%, to $71.44 in recent Nasdaq activity.
was down 31 cents, or 6.3%, to $4.63.
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"
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.