Nokia led a drop in Euro techs on Wednesday as investors were rattled by talk that Cisco would miss earnings forecasts.

Bad news from Cisco would dash any hopes of an imminent market recovery ... As Nokia and Alcatel fell, Vodafone was hit hit by comments from NTT DoCoMo that growth in Japan was slowing.

DoCoMo expects to sign up 30% fewer new subscribers this FY ... "The market is nervous because wireless data seems to get further and further away with every month. We are mildly concerned that as wireless data moves further out, then the battleground between operators could move to the voice market."

Telecoms shares have plunged since March 2000 as a global economic slowdown has been compounded by over-capacity and concerns about delays in new technologies, forcing telecoms companies to slash investments and jobs as debts and losses rise.

Cisco fell 8% overnight; Nokia, 4%; Alcatel, 2%; Vodaphone, down 3% to a 4 year low; WorldCom, down nearly 12% on Wednesday alone -- it's down 70% in 2002; Lucent shares fell 4% to an all-time low.