Apple (AAPL), Qualcomm (QCOM), Cisco (CSCO) Under Selling Pressure

Shares of Apple (NASDAQ:AAPL), Qualcomm (NASDAQ:QCOM) and Cisco (NASDAQ:CSCO) are all down today as the unfolding crisis in Japan continues to pressure the broader market lower.

"Fearing a lengthy disruption to Japan's manufacturing operations and the potential for extensive fallout from the crippled nuclear reactors, investors were selling stocks early Tuesday," said TheStreet.

The Nasdaq recovered somewhat but was still down nearly 2% by midday.

Wall Street's selling mood didn't exactly spare some of its darlings.
Apple shares fell 3.5% to $341.21 in early trading, which later moderated to $325.23, down more than 2% at noon, even though the company has not been able to supply enough of its new iPad 2s to meet demand.

Wireless chip shop Qualcomm initially fell 5% and rallied a bit to remain 3% down on concerns that mobile phone sales and production will slow, as Japan struggles with widespread devastation.

The selloff also knocked down networking giants like Cisco, which bounced off a new 52-week low and remained down 2.5% at $17.40. Meanwhile, networking gearmakers Alcatel-Lucent (NYSE:ALU) and Ericsson (NASDAQ:ERIC) had been down 5%, were only down 1% and 4% by midday.




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