Investor Midday: Cisco drags down techs

Summary:Cisco System's third-quarter report after the bell took technology stocks for a tumble at midday Wednesday. The Nasdaq fell 27.

Cisco System's third-quarter report after the bell took technology stocks for a tumble at midday Wednesday. The Nasdaq fell 27.38 points to 2,171.39.

The Dow Jones industrial average slipped 7.15 points to 10,876.36.

Cisco, the most actively traded stock Wednesday, fell $1.17 to $19.21. The evening before, the network-equipment giant provided the grisly details behind its astonishing $2.25 billion inventory write-off in the third quarter. It essentially admitted that it, too, was caught up in the Internet hype that, at its peak, gave the company the highest market capitalization in Wall Street history. Full story --Tiffany Kary, ZD Inter@ctive Investor

Topics: Cisco

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