US tech stocks take a beating

US technology stocks have experienced a bad day as investors reacted badly to uninspiring profits turned in by a number of technology giants. Nasdaq fell by 2.91 per cent to 2,398.72 points.

According to Reuters, West Coast-based investment bank Robert Stephens has lowered its rating on companies in the data availability and protection sectors including Cacheflow Inc, Netegrity Inc and Quest Software Inc.