Stockwatch Daily: Nasdaq takes a beating

Losses by the tech leaders drove the Nasdaq Composite down 104.87 points. Cisco led the losers, who include Intel and Sun, with a drop of 7.6 per cent.

In London, early trading saw the TechMark drop two per cent. Greater than expected losses from Bookham Technology saw it lose 20 per cent off its shares. Autonomy also took a hit of almost three per cent. Ericsson is set to outsource the manufacturing of its handsets to achieve cost savings. The company has announced a huge drop in profit for Q4 of 2000.