Nasdaq - Nasdaq drops S&P dips on worries about tech demand...

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Nasdaq drops, S&P dips on worries about tech demand by Leah Schnurr Leah Schnurr – Wed Oct 6, 5:45 pm ET NEW YORK (Reuters) – Tech shares slumped on Wednesday, hit by worries about demand for semiconductors and data storage. The Nasdaq bore the brunt of the day's selling, led by data system services provider Citrix Systems (CTXS.O). The stock was down in sympathy with small-cap Equinix Inc (EQIX.O), which plunged 33.1 percent to $70.34 after it issued a revenue warning late Tuesday. Citrix slid 14.1 percent to $60.15. "You are starting to see a natural rotation and some profit taking in the cloud computing sector that has been red hot in the last few months," said TD Ameritrade chief options strategist Joe Kinahan in Chicago. "So those investors that currently own Citrix are reconsidering the valuation at these levels." Another blow to tech came from Morgan Stanley's downgrade of semiconductor companies Xilinx Inc (XLNX.O) and Altera Corp (ALTR.O) to "underweight" on concerns about a slowdown in Asian markets. Both fell more than 2 percent. The broader market, meanwhile, was hamstrung by a poor reading on private-sector employment
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This document was uploaded on 10/29/2011 for the course ECO 212 at Jackson State.

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Nasdaq - Nasdaq drops S&P dips on worries about tech demand...

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