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TECH STOCKS: Tech Stocks Slump In Broad Sector Retreat

By Benjamin Pimentel, MarketWatch SAN FRANCISCO (MarketWatch) -- Technology stocks were bruised Thursday, with memory-chip maker Micron Technology Inc. and business-software firm Red Hat Inc. among the notable decliners as the sector followed the broad market to close in the red. Leading the losses were more fears about the economic situation in Europe and data that lent credence to the Federal Reserve's concerns about the shaky state of the U.S. economy. The performance of Micron and Red Hat underscores recent concerns over pricing in the memory-chip market, as well as the health of corporate information-technology spending. Micron (MU) shares fell 48 cents, or almost 8%, to close at $5.65 after the chip maker reported a loss, taking a hit from weak pricing for memory chips. Wedbush analyst Betsy Van Hees wrote that "in the near term, we think the stock will likely be rangebound until there is better visibility" on a number of factors. She cited supply-and-demand trends for NAND chips in the second half of the year, and the potential impact of the expected release of Ultrabook notebooks based on Microsoft Corp.'s (MSFT) Windows 8 software on the personal-computer market. However, she also maintained an outperform rating, citing Micron's comments on a stronger second half of the year. ThinkEquity's Suji De Silva also kept a buy rating on Micron, saying in a note: "We believe [Micron] is experiencing firming demand across DRAM, where supply is tightening due to competitor financial issues, and broader end-market demand is stabilizing." Separately, Red Hat (RHT) shares gave up $3.50, or more than 6%, to end the day at $53 after the software maker reported a weaker-than-expected outlook. Reacting to Red Hat's report, J.P. Morgan John DiFucci wrote: "We continue to remain cautious on global IT spending, especially in the coming months. That said, we believe the company continues to execute well against a weakening macro environment." Intel Corp. (INTC) and Hewlett-Packard Co. (HPQ) also closed in the red as two of the worst performers on the Dow Jones Industrial Average. (DJI) The blue-chip index fell 251 points, or almost 2%, to close at 12,573 as investors reacted to economic data, including the June Philadelphia Fed index which came in below consensus. The Nasdaq Composite Index (RIXF) gave up 71 points, or 2.4%, to close at 2,859, and the Philadelphia Semiconductor Index (SOX) was off by 4%. Declines also came from Seagate Technology (STX), Western Digital Corp. (WDC), Apple Inc. (AAPL) and Netflix Inc. (NFLX) Facebook Inc.(FB) was one of the few tech stocks to gain on the day, rising 24 cents a share to close at $31.84.

Stock News for Intel (INTC)
DateTimeHeadline
05/26/201614:27:00Intel Buys Computer Vision Specialist Itseez
05/26/201613:10:00Intel Capital Restructuring, Won't Sell Portfolio
05/26/201612:58:00Intel Capital Restructuring, Won't Sell Portfolio
05/26/201600:30:00Regeneron Named as Science Talent Search Sponsor
05/25/201616:05:51Statement of Changes in Beneficial Ownership (4)
05/25/201616:04:08Statement of Changes in Beneficial Ownership (4)
05/25/201601:00:00Mark Burnett, TBS and Intel Award $1 Million Grand Prize to America’s G...
05/24/201617:10:07Current Report Filing (8-k)
05/19/201610:39:37Current Report Filing (8-k)
05/19/201606:35:15Specialized Disclosure Report (sd)
05/18/201616:32:58Statement of Changes in Beneficial Ownership (4)
05/18/201615:26:00Google Isn't Playing Games With New Chip
05/18/201611:10:00ARM's $350 Million Deal Builds Future Beyond Smartphones
05/17/201608:00:00Intel Security Reveals Security Risks Associated with Unsafe...
05/16/201608:45:00Company Lands Protection Contract for $900M Major Brand as Vulnerabilities...
05/13/201615:23:00ADDING MULTIMEDIA 18-Year-Old Microbiologist Develops Fuel Cells...
05/13/201614:53:00Vancouver High School Student Wins Top Prize at Intel International...
05/13/201614:30:0018-Year-Old Microbiologist Develops Fuel Cells that Convert Organic...
05/13/201606:13:14Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
05/13/201606:04:06Free Writing Prospectus - Filing Under Securities Act Rules 163/433...

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