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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
08/28/201512:10:00Apple Loses Music Executive
08/28/201511:55:00Apple Loses Music Executive
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08/26/201521:10:00Amazon Curtails Development of Consumer Devices
08/26/201517:30:00Avago Revenue Rises 37%
08/18/201518:33:13Statement of Changes in Beneficial Ownership (4)
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08/13/201514:50:27Samsung Unveils 2 New Devices and Mobile Payment System
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08/13/201510:46:59Bang & Olufsen Sales in 4Q 2014/15 Jump, But Posts Hefty Net...
08/13/201509:00:09iPhone Maker Hon Hai Shows Slower Earnings Growth
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08/13/201507:23:59Hon Hai 2nd-Quarter Earnings Growth Slows; Customers Await New...
08/12/201520:07:19With iPad Sales Cooling, Apple Leans on Partners
08/12/201510:10:07Hewlett-Packard Names Post-Breakup Board Members
08/10/201513:10:08China's Xiaomi Is Assembling Smartphones in India
08/10/201509:00:00Boost your business with FileMaker's special bundle for new users
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08/09/201521:07:04Foxconn Plans to Spend $5 Billion on Factories in India

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