Flextronics (FLEX) - Get Report was down 11.9% in late trading after Morgan Stanley Dean Witter downgraded it to neutral from strong buy, based in part on valuation issues.

Other contract electronics manufacturers were also lower.

Solectron

( SLR) was down 8.8% after hitting a year's low of $21.10.

Others falling include

Celstica

(CLS) - Get Report

, down 5.7%, and

SCI Systems

(SCI) - Get Report

, off 3.1%.