THE Nasdaq composite index dropped 91.04, or 4.18 per cent, to2,084.50. Cisco Systems, the top maker of gear that powers theinternet, led the tech-laden index lower with a 1.29 drop to 19.17.Morgan Stanley downgraded Nortel Networks, JDS Uniphase, Tellabs,and Sycamore Networks to neutral from outperform, blaming weakeneddemand with no evidence of impending recovery. Nortel lost $1.06 to$13.56. JDS fell $1.92 to $17.25. Tellabs sank $3.62 to $33.76.Sycamore skidded $1.18 to $9.05.
Lehman Brothers added more fuel to the sell-off after cutting its2001 and 2002 earnings estimates for chip makers CypressSemiconductor, Micron Technology and Simple Technology, citing weakproduct demand and prices.
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