By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- With earnings reports from Yahoo
Inc. and Intel Corp. set for after the close, tech stocks began to
show some signs of weakness as trading progressed and Federal
Reserve Chairman Janet Yellen spoke about the economy in front of
the U.S. Senate.
Yahoo (YHOO) was off by 16 cents a share at $35.55 in advance of
its second-quarter report. Prior to the start of trading, FBR
Capital Markets analyst William Bird initiated his coverage of
Yahoo with a market perform rating and $37-a-share price target.
Bird said the "sins of past management continue to haunt" the
company.
Intel (INTC) shares edged up by 9 cents to $31.58 as the chip
giant also prepared to deliver its second-quarter earnings
results.
Among other leading tech companies reporting earnings this week,
Google Inc. (GOOG) fell by $3.26 a share to $591 and eBay Inc.
(EBAY) was off by 20 cents at $50.96 a share.
Several social-media companies were in the red after Yellen said
that the stock valuations of that sector appear to be stretched.
Declines came from Yelp Inc. (YELP), which fell by 5% to $67.59,
Pandora Media Inc. (P), down by 3.3% at $26.05 a share, Facebook
Inc. (FB) , which fell 2% to $66.58 and Angie's List Inc. (ANGI),
which also fell 2% to $10.42 a share.
The Nasdaq Composite Index (RIXF) was down by 34 points at 4,405
and the Philadelphia Semiconductor Index (SOX) was also in negative
territory.
More tech news from MarketWatch:
Intel may see modest earnings and sales gains
Yahoo's earnings to focus on Alibaba, display business
Former White House PR chief may be in line for Apple job
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