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Tech stocks continue never-ending spiral

A series of profits warnings from tech companies, as well as downgrades of Cisco, Hewlett Packard and IBM by Merrill Lynch, saw Nasdaq close 7.1 per cent down yesterday.
Written by Ben King, Contributor

A series of profits warnings from tech companies, as well as downgrades of Cisco, Hewlett Packard and IBM by Merrill Lynch, saw Nasdaq close 7.1 per cent down yesterday.

Even Palm, which announced earnings ahead of forecasts yesterday, couldn't buck the bear run. The PDA manufacturer's shares slid 12 per cent by the close, and further in after hours trading. Nasdaq has now dropped 54.6 per cent from its all-time high on 10 March, having fallen for seven trading sessions in a row. The Dow Jones Industrials Average was down 2.5 per cent yesterday, and in Tokyo today the Nikkei lost 3.53 per cent, hitting its lowest level since January 13 1999. European indices were all down in early trading this morning.
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