Intel Corporation (NASDAQ: INTC), a designer and manufacturer of integrated digital technology platforms, is down sharply in mid-day trading today. INTC has slipped in trading today after market research firm IDC on Wednesday lowered its forecast for semiconductor sales growth for 2012 and 2013 due to weak personal computer sales and global economic uncertainty. IDC expects global chip revenue to grow less than 1% this year to $304 billion.
At last check, INTC was trading 1.48% lower at $20.34 on volume of 14.41 million, which is well below the daily average volume of 49.77 million. INTC has slipped below its 50-day moving average, which is a bearish signal. A strong bearish trend will be established if the stock falls below $20 support level.
Cisco Systems Inc. (NASDAQ: CSCO), the San Jose, California-based network equipment maker, is another major technology stock that has fallen sharply in mid-day trading today. At last check, CSCO was trading 2.21% lower at $19.48 on volume of 16.31 million, which is well below the daily average volume of 43.31 million.
CSCO has slipped below $19.50, which has been a key support level for the stock. The next support level for the stock is at around $19. If it falls below this level then the downward slide will continue. CSCO has fallen in four of the previous five trading sessions.
The stock has slipped even as the company last week announced the completion of acquisition of Meraki.
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