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TECH STOCKS: AMD Leads Tech Retreat, But Netflix, Apple Gain

By Benjamin Pimentel, MarketWatch SAN FRANCISCO (MarketWatch) -- The tech sector stood in negative territory in early post-holiday trading, as shares of Advanced Micro Devices headed south after Sterne Agee downgraded its rating to neutral. AMD (AMD) shed nearly 3% to $5.86 on Thursday, ranking as one of the worst performers within the S&P 500 index. Analyst Vijay Rakesh cut his rating on the chipmaker, citing expectations for a slowing personal computer market. "We believe the slowing PC market limits upside," Rakesh wrote. "While AMD continues to execute, material upside to consensus might be limited given PC transition and competitive headwinds." The Philadelphia Semiconductor Index (SOX) fell 2%, while the Nasdaq Composite Index (RIXF) slipped a fraction to 2,960. Within the Dow Jones Industrial Average, tech components Intel Corp. (INTC) and Cisco Systems (CSCO) were among the top decliners, as Wall Street reacted to the European Central Bank president's comments on downside risks to euro-area growth. On the upside, shares of Netflix Inc. (NFLX) jumped more than 8% to $78.22, while Yelp Inc. (YELP) saw its stock gain about 10% to $27.20. Shares of Apple Inc. (AAPL) were also up, gaining nearly 1% at $604.75 in the early going.

Stock News for Apple (AAPL)
DateTimeHeadline
05/26/201612:00:00India to Require Apple to Use Local Sourcing
05/26/201611:42:00India to Require Apple to Use Local Sourcing
05/25/201618:33:18Statement of Changes in Beneficial Ownership (4)
05/25/201608:50:00Microsoft to Streamline Smartphone Business
05/25/201607:03:00Today's Top Supply Chain and Logistics News From WSJ
05/25/201607:01:00Correction to Huawei Sues Samsung Article
05/25/201601:00:00Huawei Sues Samsung Alleging Patent Infringement
05/25/201600:46:00Huawei Sues Samsung Alleging Patent Infringement -- Update
05/24/201617:20:00Toyota and Uber Reach Investment, Lease Partnership
05/24/201603:40:00Sony Expects Deeper Loss for Image-Sensor Business
05/21/201605:47:00Apple's Tim Cook Samples Bollywood, Cricket, in Bid to Woo India
05/19/201623:00:00Samsung, Alibaba to Cooperate on Mobile Payments
05/19/201613:30:00Apple Union Square Highlights New Design Elements, Community...
05/19/201600:30:00Apple Opens Development Office in Hyderabad
05/18/201615:26:00Google Isn't Playing Games With New Chip
05/18/201613:00:00Fitbit Buys Digital-Wallet Technology
05/18/201611:10:00ARM's $350 Million Deal Builds Future Beyond Smartphones
05/18/201603:25:00Apple Looks to India for Growth -- Update
05/18/201600:30:00Apple Announces New iOS App Design and Development Accelerator...
05/17/201603:04:00Buffett Heirs Bet on Apple -- WSJ

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