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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
08/23/201617:10:00Spotify in Talks Over Music Rights
08/23/201614:30:00Pinterest Acquires News-Bookmarking App Instapaper
08/23/201614:00:00Former Facebook Live Manager Launches Live-Streaming App Alively
08/23/201603:03:00Apple Acquires Medical Startup -- WSJ
08/22/201615:30:00Apple Purchases Medical Startup Gliimpse
08/22/201615:13:00Apple Purchases Medical Startup Gliimpse
08/22/201603:02:00Ahead of the Tape: How Apple's Tim Cook Is Faring -- WSJ
08/22/201601:40:00Sharp to Restructure in Effort to Boost Brand
08/21/201622:10:00China 'Selfie' App-Maker Meitu Plans Up to $1 Billion Hong Kong...
08/21/201615:12:00Replacing Steve Jobs: How Apple CEO Tim Cook Has Fared Five Years...
08/19/201608:20:00Pandora Nears Deals For On-Demand Streaming
08/19/201603:04:00Australia Regulator to Take More Time on Mobile Wallet Services...
08/18/201618:34:40Statement of Changes in Beneficial Ownership (4)
08/18/201618:34:07Statement of Changes in Beneficial Ownership (4)
08/18/201618:32:24Statement of Changes in Beneficial Ownership (4)
08/18/201608:40:00Samsung Shares Hit Record High
08/18/201605:26:00BSD Crown Denied Rehearing of Lawsuit Against Apple
08/17/201618:32:58Statement of Changes in Beneficial Ownership (4)
08/17/201615:10:00AT&T Raises Prices for Low-Data Users, Lowers Rates for High-Data...
08/17/201610:00:00Analog Devices Profit Rises 6.4%

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