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TECH STOCKS: Micron, Red Hat Highlight Tech Retreat

By Benjamin Pimentel, MarketWatch SAN FRANCISCO (MarketWatch) -- Technology stocks showed few signs of putting the brakes on broad losses Thursday, as memory-chip maker Micron Technology Inc. and business-software firm Red Hat Inc. highlighted the sector's retreat, following the companies' disappointing quarterly reports. The results from the two underscores recent concerns over pricing in the memory-chip market, as well as the health of corporate information-technology spending. Micron (MU) shares fell 35 cents, or 5.6%, at $5.78 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 $3.17, or 5.6% at $53.33 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 remained in the red as two of the worst performers on the Dow Jones Industrial Average. (DJI) The blue-chip index fell 101 points as investors reacted to economic data, including the June Philadelphia Fed index which came in below consensus. The Nasdaq Composite Index (RIXF) gave up 34 points, or more than 1%, at 2,895, and the Philadelphia Semiconductor Index (SOX) was off by more than 2%. Declines also came from Seagate Technology (STX), Western Digital Corp. (WDC), Apple Inc. (AAPL) and Netflix Inc. (NFLX) The few gainers that emerged included Facebook Inc.(FB), up 18 cents a share to $31.78 and Amazon.com Inc. (AMZN), up 45 cents a share to $223.47.

Stock News for Netflix (NFLX)
DateTimeHeadline
10/23/201411:10:27TECH STOCKS: Tech Stocks Rise Ahead Of Microsoft, Amazon Earnings
10/16/201417:06:24MARKET SNAPSHOT: U.S. Stocks End Marginally Higher; Small Caps...
10/16/201414:43:08MARKET SNAPSHOT: U.S. Stocks Rebound; Small Caps Rally
10/16/201411:58:40MARKET SNAPSHOT: U.S. Stocks Trim Losses In Choppy Trade
10/16/201410:18:34TECH STOCKS: Netflix Losses Stand Out As Techs Swoon
10/16/201409:44:37U.S. Hot Stocks: Hot Stocks to Watch
10/16/201409:16:38MARKET SNAPSHOT: U.S. Stocks: Futures Slide; Jobless Claims Drop
10/16/201408:09:07MARKET SNAPSHOT: U.S. Stocks: Futures Slide Around 1%
10/16/201407:05:36MARKET SNAPSHOT: U.S. Stocks: Futures Slide More Than 1%
10/16/201406:17:13MARKET SNAPSHOT: U.S. Stocks: Futures Slip With Goldman, Delta...
10/15/201417:05:13MARKET SNAPSHOT: U.S. Stocks Cut Losses In Harrowing, Volatile...
10/15/201414:50:29MARKET SNAPSHOT: U.S. Stocks Plummet As Selling Intensifies
10/15/201411:24:17MARKET SNAPSHOT: U.S. Stocks Slide; Dow Drops Triple-digits
10/15/201411:04:00TECH STOCKS: Intel, Netflix In The Red As Tech Stocks Retreat
10/15/201410:08:06MARKET SNAPSHOT: U.S. Stocks Plunge After Poor Data
10/15/201409:23:24MARKET SNAPSHOT: U.S. Stocks: Futures Slide After Dour Economic...
10/15/201407:52:36MARKET SNAPSHOT: U.S. Stocks: Futures Drift Lower As Bank Of...
10/15/201406:15:17MARKET SNAPSHOT: U.S. Stocks: Futures Flat Ahead Of Bank Of America...
10/14/201418:01:48TECH STOCKS: Tech Stocks Rise; Intel Tops Estimates
10/14/201417:42:02TECH STOCKS: Tech Stocks Up With Intel's Earnings On Tap

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