Updated to reflect a Apple and Cisco stocks' move off the days lows.
NEW YORK (
) -- The tech sector bounced off morning lows as selling pressure eased slightly Tuesday amid Japan's post-quake crisis.
Fearing a lengthy disruption to Japan's manufacturing operations and the potential for extensive fallout from the crippled nuclear reactors, investors were selling stocks early Tuesday.
2.5% as big names like
all went on a slide. The Nasdaq recovered somewhat but was still down nearly 2% by midday.
Wall Street's selling mood didn't exactly spare some of its darlings.
Apple shares fell 3.5% to $341.21 in early trading, which later moderated to $325.23, down more than 2% at noon, even though the company has not been able to supply
to meet demand.
Wireless chip shop Qualcomm initially fell 5% and rallied a bit to remain 3% down on concerns that mobile phone sales and production will slow, as Japan struggles with widespread devastation.
The selloff also knocked down networking giants like Cisco, which bounced off a new 52-week low and remained down 2.5% at $17.40. Meanwhile, networking gearmakers
had been down 5%, were only down 1% and 4% by midday.
And mobile phone giant
hit a new low of $7.73 early Tuesday before recovering somewhat -- to $8.06 -- down 3% at noon.
Even U.S.-focused tech outfits like
were hit early Tuesday, falling as much as 3% and 2% during the market swoon. But as the pressure softened, the big phone duo were only down 1%
was taking a beating, however. Investors seemed eager to play the non-nuclear option, sending solar stocks up Tuesday. Shares of
were up 10%, while
was up 4% at one point early Tuesday.
--Written by Scott Moritz in New York.>To contact this writer, click here: Scott Moritz, or email: email@example.com.To follow Scott on Twitter, go to http://twitter.com/MoritzDispatch.>To send a tip, email: firstname.lastname@example.org.