Nasdaq weighed down by tech woes

NEWS Led by a disappointing Intel announcement, the technology-laced Nasdaq fell as much as 4.28 per cent, to 2,075.83 in early trading. Intel stock took a beating, dropping 10.51 per cent to $29.88, after announcing that its first quarter revenue would not reach expectations and fall will be 25 per cent below the previous quarter, as the slump in demand for PCs hits home. On reports that Cisco Systems will trim its staff by five per cent, shares in the network specialist fell more than nine per cent today by 11:00 (EST) to a new 12-month low of $20.75. A sturdier than expected key jobs report also dampened hopes of a forceful Federal Reserve interest rate cut.