Nasdaq Remains Unaffected Despite Akamai (AKAM), Cisco (CSCO)

The tech-heavy Nasdaq managed to squeak out a small 1 point gain after large bell-weather tech stocks Cisco (NASDAQ: CSCO) and Akamai (NASDAQ: AKAM) disappointed investors. Cisco was down over 14% on another quarterly miss. The company has already missed three quarterly earnings targets in a row, and is likely losing business to smaller, more agile networking companies. Akamai (NASDAQ: AKAM) beat earnings and revenue (see details here), yet guidance disappointed investors sending the stock crashing over 15%. Despite these top notch tech companies falling, the Nasdaq held strong and continued to rally and the technology sector as a whole remains vastly undervalued due to its rapid growth.