Cisco Systems

(CSCO) - Get Report

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) - Get Report

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) - Get Report

was off 0.8%.