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Cisco Systems


was down 3.3% in early trading after

Lehman Brothers

analyst Tim Luke sliced his 12-month price target for the network equipment maker to the $60-$65 range from $90 over concerns about capital expenditures spending.

Luke said, however, that Cisco remains the "best-positioned vendor." Other network equipment companies were down in sympathy with Cisco.



was off 2.3%;

Sycamore Networks


was down 5.2%.