The 1900s are back. Any chance that Friday's selloff was the capitulation traders had been looking for was wiped out when both indexes went lower right out of the gate. The Nasdaq opened at 2004 and has fallen from there.
Investors continue to abandon the router giant.
The company officially joined the layoff fray late Friday, when it announced that it would eliminate up to 5,000 permanent jobs and 3,000 temporary spots by July. The Swedish mobile-phone company Ericsson rang in this morning with its own earnings warning. A press release out of Stockholm notes that the company is now expecting a loss for the first quarter. The release notes the decline of capital expenditures in the U.S. and a slowdown in investments by European operators. So far the company has stuck to its numbers, making it an anomaly during the tech wreck.