14/12/2012 16:31:00

TECH STOCKS: Apple's Losses Keep Pressure On Tech Stocks

Related content
19 Jul - 
Doc re 8-K
08 Jun - 
OHL chooses IBM Cloud to Support its Digital Transforma..
08 Jun - 
Doc re 8-K

By Rex Crum, MarketWatch

SAN FRANCISCO (MarketWatch) -- With Adobe Systems Inc. in the lead, many tech stocks appeared headed for a day of gains Friday, but losses from tech giant Apple Inc. continued to weigh on the overall sector.

Apple (AAPL) shares fell more than 3% to $512.40. Before the start of trading, UBS analyst Steven Milunovich cut his price target on Apple's stock to $700 a share from $780.

In a research note, Milunovich said he was taking a slightly more conservative view on Apple due to supply chain checks that suggest a decline in iPhone production in the March quarter of 2013, and that the new iPad mini could be cannibalizing some sales of the iPad.

With Apple's losses leading the way, the Nasdaq Composite Index (RIXF) fell more than 15 points to 2.976. The Philadelphia Semiconductor Index (SOX) and the Morgan Stanley High Tech 35 Index each dipped into the red.

VeriFone Systems Inc. (PAY) shares fell almost 11% to $29.62 after the payment-processing technology company reported a wider quarterly loss late Thursday.

Losses also came from Dell Inc. (DELL), Microsoft Corp. (MSFT), Seagate Technology (STX) and Qualcomm Inc. (QCOM).

Adobe Systems (ADBE) shares rose almost 5% to $37.25 after the software company reported better-than-expected quarterly earnings after the close of trading on Thursday. Adobe earned 61 cents a share, excluding one-time items, on $1.15 billion in revenue, while analysts has forecast the company to earn 57 cents a share, on sales of $1.1 billion.

Groupon Inc. (GRPN) share rose more than 4%, to as high $5.10, making the first time the online daily deal and e-commerce company's stock had been above $5 since Oct. 18.

Other gainers included Oracle Corp. (ORCL), IBM Corp. (IBM), Yahoo Inc. (YHOO) and Nvidia Corp. (NVDA).

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

December 14, 2012 11:31 ET (16:31 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
Ingen indlæg

Regulatory news

Majedie Asset Management Ltd : Form 8.3 - TESCO PLC

20/07/2017 13:25:22
FORM 8.3   PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code")   1.         KEY INFORMATION   (a) Full name of discloser: ..

Man Group PLC : Form 8.3 - [Imagination Technologies Group Plc]

20/07/2017 10:36:51
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a) Full name of discloser: Man Group Plc (b) Owner or controller..

Form 8.5 (EPT/RI) - Tesco plc

20/07/2017 07:26:09
FORM 8.5 (EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY 1.         KEY INFORMATION (a) Name of exempt principal trader:   Investec Bank plc   (b) Name of offeror/offeree in relation to whose relevant se..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Publicis Groupe: First Half 2017 Results
2
MAT SHAREHOLDER ALERT: The Law Offices of Vincent Wong Notifies Investors of a Class Action Involving Mattel, Inc. and a Lead Plaintiff Deadline of August 28, 2017
3
Ambac Assurance Reaches Definitive Agreement On and Receives Confirmation of OCI Support for a Transformational Plan to Conclude the Segregated Account Rehabilitation
4
Inovio Announces Pricing of Public Offering of Common Stock
5
Statement on Latest CBO Score on Healthcare Repeal from Mayor Mitch Landrieu of New Orleans, President of the U.S. Conference of Mayors

Related stock quotes

Qualcomm Incorporated 54.18 -4.6% Stock price decreasing
Microsoft Corporation 73.61 -0.3% Stock price decreasing
Apple Inc 150.74 -0.2% Stock price decreasing
Nvidia Corporation 165.12 0.0% Stock price increasing
International Business M.. 148.10 0.4% Stock price increasing
Adobe Systems Incorporat.. 149.02 0.1% Stock price increasing
Verifone Systems Inc 19.80 0.5% Stock price increasing
Seagate Technology PLC -.. 39.40 0.4% Stock price increasing
Microsoft Corp SPL 72.32 0.0% Stock price unchanged
International Business M.. 148.41 0.8% Stock price increasing
IBM 160.00 -5.3% Stock price decreasing

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2017   Disclaimer and Terms of Use
Quote information is delivered by Interactive Data.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
20 July 2017 15:41:12
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20170720.2 - EUROWEB2 - 2017-07-20 16:41:12 - 2017-07-20 15:41:12 - 1000 - Website: OKAY