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Among the technology stocks, Internet and networking sector stocks were the worst hit.
So did the shares of North American equipment makers like Lucent Technologies, as the imploding telecom and networking sector dragged U.S. stock indexes into the red yesterday.
In tech, Foundry Networks drove the networking sector higher, after saying its would beat fourth-quarter forecasts for revenues on stronger sales, and Saks jumped despite posting a decline in same-store sales and warning that it would miss analyst expectations for the quarter.
If CSCO is the 800-pound gorilla in the networking sector, then Juniper Networks is that silverback in the corner waiting for its opportunity to dethrone the king.
The news had a spill over effect into the networking sector, driving Ciena down 10.1%, and Juniper Networks 8.4% lower.
The dim outlook dragged down shares of the rest of the networking sector.
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Medina said in an email interview that the firm is focused on investing in companies in the IT infrastructure space, specifically in the cloud, cybersecurity, big data, software-defined security, and software-defined networking sectors.
And just to put this into perspective, 3Com has been battling it out with Cisco and Huawei in China in a number of networking sectors, which opens the door for HP to come in with a much broader offering in new markets.
Linley Gwennap, editor and analyst with Sebastopol, Calif.-based newsletter The Microprocessor Report says it makes sense for National to sell Cyrix and focus on its core competency analog chips, which are seeing a huge demand in the wireless and networking sectors.
The owner of LiveJournal, a blogging and social-networking site, agreed yesterday to sell the company to SUP, a Russian online media company, in the latest example of deal-making in the social-networking sector.
[Page C2.] Lucent Seen in Deal for Chromatis Moving to expand its presence in the fast-changing optical-networking sector, Lucent Technologies, North America's No. 1 maker of communications equipment, is in advanced negotiations to acquire Chromatis Networks, a small private company, for as much as $5.5 billion in stock, people close to the companies said over the weekend.
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