Cisco Plunges 10.1% to 52-Week Low

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Cisco Systems

(CSCO) - Get Report

was down 10.1% in early trading after hitting a 52-week low of $31.28.

After the close Tuesday, the company posted second-quarter results that missed estimates by 1 cent, the first earnings miss for Cisco in three years. Sales also fell short of the Street's estimate.

In addition, the network equipment maker said growth would come to a halt in the next six months.

Several analysts piled in with downgrades and estimate cuts.

Other network companies were down as well.

Sycamore

(SCMR)

hit a 52-week low of $25.25.

Analysts said contract electronics manufacturers would also be hurt by Cisco.

Jabil Circuit

(JBL) - Get Report

was down 7.3%.

Celestica

(CLS) - Get Report

was down 4.3%.

Communications chipmakers were also affected.

PMC Sierra

(PMCS)

was down 6.3% and

Broadcom

(BRCM)

fell 3.2%.