Ciena hits networking, Angie's List falls
The tech sector also was weighed down by slumping shares of
Ciena (CIEN) shares fell 19.5% to close at $13.46 after the maker of networking gear posted disappointing earnings and a weaker-than-expected revenue forecast.
"Management has so far given no specific reason for the disappointing revenue guidance, stating simply that 'we are experience the effects of ongoing macroeconomic challenges and slower than expected roll-outs of new design wins,'" Nomura analyst Stuart Jeffrey wrote in a note.
"These comments around slower roll-outs appear to contradict recent commentary by operators regarding solid second half spending plans," he added.
In a note, Wedbush analyst Rohit Chopra said "Weakness at Ciena suggests that an imminent rebound in carrier capex spending is unlikely to materialize."
Shares of Angie's List slipped 5.5% to close at $9.66 after the online review site was downgraded to a hold rating by Canaccord Genuity.
In a note to clients, analyst Michael Graham argued that the company "may stay in investment mode for longer than originally anticipated."
"We continue to believe Angie's List is building a sustainable model, but believe delayed profitability may dampen near-term stock appreciation potential," Graham wrote, lowering his price target on the stock to $12.50 from $20.
The tech sector got a lift from shares of
But technology shares were mostly lower as the Nasdaq Composite Index (COMP) shed 1.1% to close at 3,049. The Morgan Stanley High Tech 35 Index (MSH) and the Philadelphia Semiconductor Index (SOX) were each off more than 1%.