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TECH STOCKS: Big Losses Drag Down Tech Stocks

By Rex Crum Tech stocks ended up putting in a largely disappointing performance Tuesday as broad losses hit Texas Instruments Inc., Broadcom Corp. and most of the rest of sector as the market felt the impact of the debt crisis in Southern Europe. TI (TXN) gave up 62 cents a share, or 2.3%, to fall to $26.54 even though the communications chipmaker posted upbeat earnings results late Monday. Some analysts expressed concern about the chip market's ability to maintain its momentum through the rest of the year. Broadcom (BRCM) shares gave up $1.21, or 3.4%, to fall to $34.82 ahead of the chipmaker's quarterly results, due after the market close. Nearly every major tech stock was in the red. International Business Machines Corp. (IBM) gave up $1.91 to fall to $128.82 even after the company said its board of directors approved hiking the quarterly dividend by 18% to 65 cents a share and buying back $8 billion in shares. With the new stock-buyback plan, IBM will have about $10 billion at its disposal to repurchase stock. Research In Motion Ltd.'s (RIMM) U.S. shares gave $1.34, or almost 2%, to fall to $71.36. Late Monday, the company showed off an upcoming version of a new operating system for its BlackBerry smartphones to a group of industry analysts. Declines also came from Apple Inc. (AAPL), Dell Inc. (DELL), Hewlett-Packard Co. (HPQ), Microsoft Corp. (MSFT) and Yahoo Inc. (YHOO) The Nasdaq Composite Index (RIXF) fell more than 51 points, or 2%, to close at 2,471. The Philadelphia Semiconductor Index (SOX) was down 3.5% and the Morgan Stanley High Tech 35 Index (MSH) shed 2.4%. At the heart of the market's decline was Standard & Poor's cutting its rating on Greece to junk status. Also adding to the losses were concerns about the U.S. housing market and the testimony of Goldman Sachs Group Inc. (GS) executives on Capitol Hill. One of the few advancers was printing and imaging company Lexmark International Group Inc. (LXK).Lexmark's shares rose 13 cents to $40.08 following the printing and imaging company's first-quarter earnings report. Before the market opened, Lexmark said it earned $95.3 million, or $1.20 a share, on $1.04 billion in sales for the quarter, up from earnings of $59.2 million or 75 cents a share on revenue of $944 million in the same period a year ago. Telecom-equipment company Tellabs Inc. (TLAB) climbed 41 cents a share, or 5%, to $8.63 after the company reported stronger-than-expected first-quarter results.

Stock News for Tellabs (TLAB)
DateTimeHeadline
11/15/201309:01:37HBK Investments LP 3Q 13F: Largest Eliminations
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Purchases
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Sales
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Eliminations -2-
11/15/201307:10:27AQR Capital Management 3Q 13F: Largest Purchases -2-
11/15/201307:10:23AQR Capital Management 3Q 13F: Largest Sales
10/21/201309:09:12U.S. Hot Stocks Futures: Hot Stocks to Watch
07/15/201309:16:38U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
12/01/201210:13:47MARKET SNAPSHOT: Fiscal Cliff Games To Remain In Focus
12/15/201109:08:21US Stock Futures: HOT STOCKS TO WATCH
07/26/201108:03:02Tellabs Swings To 2Q Loss, Plans To Cut Staff By 10%
04/26/201107:51:00Tellabs Swings To 1Q Loss On Lower Margins, North American Revenue
02/03/201108:50:23Mobile Operators Face Longer-Term Profit Decline - Tellabs
01/25/201108:04:01Tellabs Swings To 4Q Loss As Margins Fall; View Cautious
10/26/201016:39:22TECH STOCKS: Big Losses Color Mixed Day For Tech Stocks
10/26/201007:43:33Tellabs 3Q Profit Surges 93%; 4Q Revenue Outlook Weak
07/27/201008:02:19Tellabs 2Q Profit Soars On Jump In Revenue, Margins
04/27/201017:50:50TECH STOCKS: Big Losses Drag Down Tech Stocks
04/27/201015:54:35TECH STOCKS: TI, Broadcom Head Up Broad Slate Of Tech Losses
04/27/201012:29:48TECH STOCKS: Broad Losses Drag Sector Into The Red

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