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Byline: NANCY GONDO
Nasdaq stocks' sell-off picked up steam as Wednesday's session progressed. The composite fell 2.5% to its 50-day moving average on higher volume amid the Street's disappointment with Cisco Systems' industry outlook. The Nasdaq 100 lost 2%.
Networking stocks were among the biggest losers, with a 3.7% decline. Cisco gapped down 2.33 to 24.08 on more than triple normal trade, closing below its 50-day line for the first time in three months. The networking giant said late Tuesday it earned 18 cents a share in the fiscal second quarter ended Jan. 24, up 20% from last year and a penny above views. But CEO John Chambers' cautious industry outlook …