EMC Lower on Downgrade

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EMC (EMC) was down 3.8% in preopen Instinet trading.

Robertson Stephens

downgraded it to long-term attractive from buy, saying the slump in information technology spending in the first quarter, and probably in the second, is likely to be "more pronounced" than previously expected.

Analyst Dane Lewis also downgraded other Internet infrastructure companies. Among them,

Inktomi

(INKT)

was down 2.8% in preopen

Island

trading;

Veritas

(VRTS) - Get Report

was down 5.1%;

VeriSign

(VRSN) - Get Report

dropped 8%, while

Network Appliance

(NTAP) - Get Report

fell 6.4%.