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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
05/02/201621:36:00Apple in Long Losing Streak
05/02/201611:29:00MARKET SNAPSHOT: U.S. Stocks Struggle To Push Higher After Mixed...
05/01/201622:10:00Hulu Bets on Cable-Style Web TV
04/29/201620:09:00Fitbit Scores Against Jawbone in Patent Dispute
04/29/201603:03:00Smartphone Makers Get Squeezed -- WSJ
04/28/201621:36:00Samsung Group Names Kwon Oh-hyun to Be CEO of Display Business
04/28/201618:38:00Correction to Apple Story
04/28/201617:13:40Automatic Shelf Registration Statement of Securities of Well-known...
04/28/201616:20:00Icahn No Longer Has Apple Stake, Cites China Concerns
04/28/201616:04:00Icahn Says He No Longer Has Apple Stake, Citing China Concerns
04/28/201614:52:00Icahn No Longer Has Apple Stake, Cites China Concerns -CNBC
04/28/201608:00:00LG Electronics Profit Growth Powered by TV Business
04/28/201603:03:00Tech Giant Is Bruised By China Market -- WSJ
04/28/201602:50:00Sony Returns to Net Profit
04/27/201618:40:00Amazon Liable for Children's In-App Purchases, Court Rules
04/27/201618:30:00Texas Instruments Reports Slightly Higher Profit
04/27/201617:40:00FBI Confirms It Won't Consider Telling Apple About iPhone-Hacking...
04/27/201617:33:00FBI: Won't Consider Telling Apple About iPhone Hack
04/27/201616:50:00Facebook Revenue Soars on Ad Growth
04/27/201616:39:14Quarterly Report (10-q)

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