In a tough day for stock markets everywhere, technology heavy Nasdaq took a particularly heavy beating on Friday. The composite index closed down 52.33 points, or 3.36 per cent, at 1503.22.
"We had some pre-announcements of disappointing earnings from the hard drive companies, particularly Seagate", said Rick Faust, an analyst with investment bank Kaufman Bros. "That has caused worries about other components companies". Faust said these announcements have added to existing uncertainty caused by Asia's economic woes.
One of the latest companies to issue a profit warning was Adaptec, known for its SCSI cards. The company's shares lost more than 40 per cent of their value when it announced sales were flat and earnings would be significantly below expectations.
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