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TECH STOCKS: Nasdaq Back Under 3,000, LinkedIn Leaps

By Benjamin Pimentel, MarketWatch SAN FRANCISCO (MarketWatch) -- Technology stocks were in broad retreat Friday as the Nasdaq Composite Index slipped back under 3,000 after U.S. stocks fell on weaker-than-expected job growth in April. The Nasdaq (RIXF) shed more than 2% to 2,959, as shares of major tech companies slid into the red. The last time the benchmark was below the 3,000 mark was April 24. Cisco Systems (CSCO) was down 3.5%, while Intel Corp. (INTC) shed 2%, as the two stocks became two of the worst performers on the Dow Jones Industrial Average. The Dow (DJI) was down 183 points. On the upside, shares of Micron (MU) also were up by 2.3% on media reports that the semiconductor company has apparently won the bidding for the failed Japanese memory chip maker Elpida. Shares of LinkedIn (LNKD) jumped 6% a day after the professional social networking reported a surge in earnings. "We are positive on LinkedIn's business and believe it will be difficult for competitors to challenge its leadership position," Needham analyst Kerry Rice said in a note. "The company's large addressable market is underpenetrated, in our view, and an improving economy should benefit LinkedIn's growth" But there were questions on how much the economy has improved after April's employment numbers came in below forecasts. Also in negative territory were shares of Apple Inc.(AAPL), which shed 2%, Oracle Corp.(ORCL), down 3% and Microsoft Corp.(MSFT), which traded down 2.6%. Shares of Dolby Laboratories (DLB) were up more than 17% after the company reported better-than-expected results for its second fiscal quarter.

Stock News for Cisco Systems (CSCO)
DateTimeHeadline
05/26/201617:09:36Statement of Changes in Beneficial Ownership (4)
05/26/201606:40:00Lenovo's Net Profit Up 80% But Revenue Falls as PC Demand Slows
05/25/201616:36:15Specialized Disclosure Report (sd)
05/24/201617:13:35Quarterly Report (10-q)
05/19/201610:10:00MARKET SNAPSHOT: U.S. Stocks Fall At The Open As Rate-hike Fears...
05/19/201603:04:00Cisco Tops Expectations As Firm Branches Out -- WSJ
05/18/201619:59:00Cisco Tops Expectations as It Branches Out
05/18/201617:10:00Cisco Gives Solid Outlook, Though Profit Edges Lower
05/18/201616:53:00Cisco Gives Solid Outlook, Though Profit Edges Lower
05/18/201616:12:02Current Report Filing (8-k)
05/13/201603:03:00U.S., Chinese Firms Team Up on Sensor Networks for 'Smart Cities...
05/12/201620:54:00U.S. and Chinese Tech Firms Team Up on Sensor Networks for 'Smart...
05/12/201616:08:00U.S. and Chinese Tech Firms Team Up on Sensor Networks for 'Smart...
05/11/201608:30:00Insight Enterprises Achieves Cisco Gold Certification in North...
05/05/201615:30:00Apple, SAP to Cooperate on Workplace Apps
05/04/201611:45:00MARKET SNAPSHOT: Stocks Trim Losses As Strong Services-sector...
05/02/201611:10:00Brocade Communications Pulls Back Its Outlook
04/28/201621:30:00Juniper Networks Reports Higher Quarterly Profit, Revenue
04/22/201616:42:17Securities Registration: Employee Benefit Plan (s-8)
04/18/201617:54:00Manufacturing Automation Leaders Collaborate: Optimizing Industrial...

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