Tuesday, April 12, 2011

Cisco (CSCO) (NVDA) (NVLS) Down on S&P Cuts

The S&P’s Equity Strategy Group downgraded the overall tech sector from "Overweight" to "Market Weight," pushing down the share price of tech companies like Cisco Systems Inc. (NASDAQ:CSCO), NVIDIA Corporation (NASDAQ:NVDA) and Novellus Systems Inc. (NASDAQ:NVLS).

The Nasdaq Composite Index (COMP) fell 0.3% to close at 2,771.5 as S&P said the tech sector “has recently begun exhibiting more lackluster relative performance as the global economic cycle matures.”

S&P added that “the surging popularity of tablets risks further cannibalizing the important PC market, making market outperformance less likely, in our view.”

Also under pressure were KLA-Tencor Corp. (KLAC) and FormFactor Inc. (FORM).

Novellus closed Monday at $34.06, falling $0.81, or 2.32 percent. NVIDIA closed at $17.32, dropping $0.23, or 1.31 percent. Cisco ended the day at $17.47, losing $0.18, or 1.02 percent.

1 comment:

Anonymous said...

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