No. 3: Cisco
Cisco's position atop the networking equipment sector looked threatened in November when the company offered a weak outlook. But what was merely dicey in November was confirmed to be serious last week when Cisco offered yet another dim forecast.
Cisco warned that IT budget cuts among government customers -- along with plunging demand for cable TV set-top boxes -- was a continuing drag on sales growth.
If anything, Cisco's slide proves that geographic and product diversity doesn't always insulate you from spending cuts.
Wall Street hasn't exactly held on to any optimism trying to wait out the gloom. Cisco shares -- after falling 18% in 2010 -- have fallen another 7% so far this year.
No. 2: Activision Blizzard
Guitar Hero is heroic no more, for Activision.
The video game giant killed its formerly huge music franchise last week and warned that sales were slowing more than analysts expected.
The news knocked 10% of the stock price Wednesday and helped push Activision down 13% so far this year.
As analysts wonder how Activision will surpass -- or even continue -- the growth it saw last year from its two top-selling games, it's safe to say that business is starting to look as grim as a Call of Duty scene.
No. 1: Nokia
How the mighty Nok has fallen.
New chief Stephen Elop, proud author of the "burning platform" letter to employees, announced Friday that the company was tossing aside its own software future and tying its fortunes to Microsoft's Windows Phone 7.
The move will cause Nokia to lose as much as 10 percentage points of market share by some analysts' estimates, and risk a dip into red ink while new Microsoft phones are being developed. The move will put Nokia well behind Apple and Google's Android operating system and drop it behind even Research In Motion in the smartphone race.
Investors wanted a quick Google Android-flavored fix, but they received a bitter Windows option instead.
Nokia shares have fallen 24% in the past week on fears that Nokia's strategy shift and a lengthy retooling effort will lead to years of damage.
One thing you can't say about Nokia's Elop: he didn't take the easy route to a turnaround.
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