Tech Stocks Continue Slide After News of Cisco Cutbacks


NEW YORK — Technology stocks continued to slide Monday.

The Nasdaq Composite Index dipped below 2000 for the first time since Dec. 16, 1998, after falling 115.95 points Friday. The Nasdaq fell 87.40 to 1965.38 in Monday morning trading. Morgan Stanley’s high-tech 35 index slid 23 to 554.80.

The market was still smarting from an earnings warning last week from tech bellwether Intel, plus Friday’s announcement by networking giant Cisco Systems that it would cut up to 17% of its work force by July to cap costs as its telecommunications and dot-com customers put the brakes on their equipment spending....

AW+

WORK SMARTER - LEARN, GROW AND BE INSPIRED.

Subscribe today!

To Read the Full Story Become an Adweek+ Subscriber

View Subscription Options

Already a member? Sign in