Five Famous Technology Stocks Short Circuiting Now

Networking company Cisco Systems Inc. (CSCO) has had a less than stellar 2010. Since January, the tech company's stock has slid -14.3%, setting it behind broader markets. Additionally, experts are predicting earnings of $0.40 per share in its next quarterly report, which is down from an EPS of $0.43 last quarter. Up until May, Cisco stock had remained relatively stable on the year. Since May however, the stock has dropped over -20%. CSCO continues to trade very close to its 52-week low.

Hewlett-Packard Company (HPQ) has been making headlines over its 3Par bids, but none of the press has helped turn around HP stock. The tech giant has seen its stock underperform in 2010 as well. In fact, the tech stock has fallen -23% since January, including a -15% drop in August. The bidding war over 3par was a double-edged sword -- if HP missed out, it could have been seen as weak. As it is, if the final $33 bid goes through, investors may wonder if HP overpaid.

Qualcomm, Inc. (QCOM) is a designer, manufacturer and marketer of digital wireless telecommunications products based in San Diego. Thus far, QCOM stock has slid -14% in 2010. Currently the stock is up to around $40, from its 52-week low of $31.63 in July. Experts are also predicting a growth estimate for the current quarter of -9.4%.

Primarily engaged in the research, manufacturing and distribution of integrated circuit related products, Taiwan Semiconductor Manufacturing Co (TSM) is another blue chip stock worth selling. Since January, the stock has fallen -17%, against small declines by the broader markets. Additionally, experts are not predicting growth for the company in the near future, as they have posted a -2.2% growth estimate for next year. The fact that Deutsche Bank has downgraded the semiconductor stock to a "hold" from a "buy" is also discouraging.

Cell phone maker and communication company Nokia Corporation (NOK) has experienced the brunt of the competitive mobile phone market. Year-to-date, Nokia's stock has vastly underperformed, falling -34% in 2010. Over the past 12 months the company has seen a sharp decline of -39.5%. To make matters worse, Nokia has missed earnings estimates for the past two quarters, causing experts to scale back on their predictions for next quarter, with an earnings estimate of $0.14. A net profit margin of just 1% does not have investors thrilled about Nokia stock either.

These are just a few of the many technology stocks struggling right now. Sell them if you own shares, or play the downside if you like options.

As of this writing, Louis Navellier did not own a position in any of the stocks named here.