Arista Networking slumps 7% as tech stocks sell off following Fed minutes
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Arista Networks (NYSE:ANET) shares fell sharply on Wednesday, as tech stocks sold off broadly following the release of the minutes from the Federal Open Market Committee's latest meeting.
Arista (ANET) shares fell more than 7% to $131.06 on heavier than normal volume as 2.4 million shares changed hands shortly after 3 p.m. EST, slightly more than the average daily volume of just over 2.1 million.

According to Bloomberg, Arista (ANET) shares fell the most in 20 months, though there did not seem to be any company-specific news for the decline.
Conversely, Cisco (CSCO) and Juniper Networks (JNPR), which compete with Arista, had modest losses.
Other tech stocks, such as Nvidia (NVDA), Advanced Micro Devices (AMD), Microsoft (MSFT) and Salesforce (CRM) also saw sharp declines, led by Nvidia's 5% fall.
On Friday, investment firm J.P. Morgan added Arista Networks (ANET) to its Analyst Focus List, along with Ciena (CIEN), noting that the networking company should benefit thanks to "strong resiliency in spending from both Telecom customers towards their networks, as well as from cloud companies towards building infrastructure to support workload migration to the cloud."