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Cisco Systems

(CSCO)

was down 1.7% in preopen

Island

trading, a day after it hit a 52-week low.

Other major tech stocks were also lower. Chip bellwether

Intel

(INTC)

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was down 1% in the preopen. On Tuesday, Intel announced several hundred million dollars in cost cuts.

Optical giant

JDS Uniphase

(JDSU)

was down 2%.

Microsoft

(MSFT)

was off 0.8%.