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Technology Stocks Lose Grounds On Global Sell-Off, Some Hitting New 52-Week Low
By: iStockAnalyst   Monday, October 06, 2008 2:13 PM
Sectors: Computer and Technology , Retail/Wholesale
Symbols: AAPL, CSCO, CTSH, EBAY, GOOG, INFY, LRCX, RMBS, SINA, TWX, YHOO
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(By Mayur Pahilajani - iStockAnalyst Writer)

New York, NY - With the financial crisis spreading across Europe, technology stocks are losing their luster ahead of holiday season. However, the market analysts still have "Buy" rating on some of the following stocks that hit a few 52-week low on Monday.

Intel Corporation (NASDAQ GS: INTC):

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Intel had expected 2008 to help stabilize dwindling technology market. But it is not happening for the company this year, not yet. The company hit a new low on Monday on reports that Germany's largest maker of miniature computers, Kontron AG, has agreed to purchase Intel communication rackmount server operation. But the takeover amount was not disclosed. The takeover will help company expand its telecommunications and computing activities to increase production of the servers. At 10:33am ET in New York, shares of the firm were trading down by 33 cents or 1.91 percent to $16.98, after it hit fresh 52-week low at $16.93 from its previous low of $17.13.

Cisco Systems, Inc (NASDAQ GS: CSCO):

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The shares of the firm declined on global sell-off on Monday. The company has looked strong over the last 12 months as it has developed some new products and solutions for enterprises. On Monday Cisco launched its latest IP camera, the Linksys by Cisco Wireless Internet Camera (WVC210) and Video Monitoring Software for small businesses. Linksys by Cisco WVC210 surveillance camera will support business and security applications, and it can be mounted on a desktop or wall. At 10:40am ET in New York, shares of the firm were trading down by $1.36 or 6.40 percent to $19.89. So far in the day, it hit a low at $20.06. The stock has traded between $11.78 to $34.24 in 52-week period.

Apple Inc (NASDAQ GS: AAPL):

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Apple Computer, Inc. (Nasdaq: AAPL) is still counting the number of 3G iPhone it has sold after its launch on July 11 this year. Apple also reportedly said it is lifting the non-disclosure agreement on already-released software for the iPhone, which was good news for software developers for the phone. At 10:40am ET, shares of the firm tumbled on overall negative market by $7.54 or 7.77 percent to $89.53. The stock hit a fresh 52-week low at $90.20 from the previous low of $94.65.

Time Warner Inc (NYSE: TWX):

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Rising competition has led the company's cable subsidiary enter in a contract dispute with local broadcaster over the last few weeks. LIN Television (NYSE: TVL) and Time Warner Cable Inc.
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