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Thursday, Mar 28, 2024
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Emulex, QLogic Shake Off Downgrades

An analyst downgraded networking gear makers Emulex Corp. and QLogic Corp. Friday, though investors seemed to slough off the news.

Morgan Keegan & Co. of Memphis, Tenn., downgraded Costa Mesa-based Emulex and Aliso Viejo-based QLogic from “outperform” to “market perform.”

Both stocks had recovered earlier losses in midday trading.

Emulex had lost 2% of its value by early afternoon in New York compared to earlier declines of about 3%.

QLogic shares were flat compared to early losses of about 2%.

Both companies compete in the market for adapters that connect servers to storage area networks. QLogic now holds the No. 1 position in the sector.

Tech sector barometer Nasdaq was down 1%.

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