Investing.com - Disk drive stocks were the biggest losers in the struggling tech sector midday, while Facebook (NASDAQ:FB) was also a notable decliner.
Facebook fell about 2.4% at 11:45 AM ET (15:25 GMT).
Shares were downgraded by MoffettNathanson on revenue concerns, Reuters reported.
Analyst skepticism also hurt disk drive stocks Seagate (NASDAQ:STX), which sank about 9.5%, and Western Digital (NASDAQ:WDC), which lost about 6%.
Evercore cut its rating and price target on Seagate and its rating on Western Digital, citing concern about declining NAND memory prices, according to numerous published reports.
Meanwhile, telecom stocks were the worst-performing sector of the day.
The S&P Telecom Sector index fell about 1.1%.
Among the biggest losers, were Applied Opt (NASDAQ:AAOI), down about 10%, Finisar (NASDAQ:FNSR), off about 7%, and NetScout Systems (NASDAQ:NTCT), which lost about 5%.