By VINCENT MAO (IBD)
1:15 p.m. Update: Stocks remained near the session’s worst levels in early afternoon trading Thursday.

Techs led the downward spiral. The Nasdaq tumbled 2.3%. Qualcomm (QCOM) dived 15% and Apple (AAPL) fell below the 200 level, down 4%. Chips were also battered. The Philadelphia semiconductor index swooned 4.2% to a one-month low.

Meanwhile, the S&P 500 and NYSE composite dropped 1.6% each. And the Dow shed 1.5%. All major indexes tumbled to new lows for the year.

Turnover was again tracking mixed with NYSE volume much lower and Nasdaq volume sharply higher. A more-than-1,000% volume increase for Qualcomm inflated the Nasdaq’s number.

Tetra Tech (TTEK) gapped down and plunged 19% in huge trade. Late Wednesday, the engineering firm reported fiscal Q1 results above views, but it cut its full-year profit outlook. Tetra Tech now sees earnings between $1.08 and $1.18 a share vs. analysts’ estimates of $1.32.

Pegasystems (PEGA) reversed from a near-record high and slipped 2% in heavy trading. Despite the reversal, the stock is still slightly above a 36.19 buy point from a high handle cleared on Wednesday.

Warner Chilcott (WCRX) dropped 5% and sliced its 50-day moving average. The Food and Drug Administration sent a letter to the drugmaker, noting “deficiencies” at a third-party manufacturing plant.

U.S. Indexes Plunge; Techs, Materials Hammered

BY JONAH KERI

12:15 p.m. Update: The major indexes kept tumbling at midday Thursday, falling to intraday lows. The tech-laden Nasdaq composite slid 2.2%, the Dow, NYSE composite and S&P 500 1.5% each.

Volume remained mixed. It fell 13% on the NYSE and rose 29% on the Nasdaq compared with the same period Wednesday, with tech stocks seeing heavy selling pressure. Data on orders for durable good and on jobless claims signaled a weak economic recovery.

China Yuchai (CYD) slid 7% in nearly double its normal trade. The China-based maker of diesel engines is on pace for its seventh straight day of losses.

Atheros Communications (ATHR) also shed 7% in brisk trade. The chipmaker’s stock has dropped to near its 50-day moving average after ramping up earlier in the week on a bullish earnings report. Cheniere Energy Partners (CQP) fell 4% in rapid turnover. The natural gas company owns a highest-possible 99 IBD Composite Rating.

U.S. Stocks’ Losses Accelerate; Economic Data Weighs On Market

BY JONAH KERI

11:15 a.m. Update: The major indexes’ losses intensified in late-morning action Thursday, as disappointing economic data canceled optimism over a slate of mostly bullish earnings reports.

The tech-laden Nasdaq composite slid 1.5% and the Dow 0.9%. The S&P 500 and the NYSE composite fell 0.8% each. Volume turned mixed. It fell 12% on the NYSE and rose 16% on the Nasdaq compared with the same period Wednesday.

Apple (AAPL) sank 3% in more than triple its normal trade. The iPod and iPhone maker turned lower following Wednesday’s unveiling of the company’s new iPad tablet.

Volterra Semiconductor (VLTR) skidded 6%, also in more than triple its average volume. The chipmaker’s stock is pulling back after rocketing 19% Tuesday on a bullish earnings report.

Blue Coat Systems (BCSI) fell 4% in above-average turnover. The maker of proxy appliances that secure and accelerate delivery of business applications over the Internet fell further beneath its 50-day moving average, after piercing that line on Wednesday.

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