By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Technology stocks were mostly in
the red Thursday, as the broader market slipped on news of higher
U.S. jobless claims.
Major players in the personal computer market also took a hit as
data from IDC and Gartner point to slower PC growth.
The Nasdaq Composite Index (RIXF) was down about 2 points, or
0.1%, to 2,732. The Morgan Stanley High Tech 35 Index (MU) and the
Philadelphia Semiconductor Index (SOX) were each down a
fraction.
On the positive side, Micron Technology (MU) was up 4.4% after
Sterne Agee upgraded the memory chip maker's stock to buy from
neutral.
"We are upgrading Micron to a buy, $12 price target from
neutral, as we think DRAM pricing will start to moderate and
stabilize over the next couple of months," Sterne Agee analyst
Vijay Rakesh said in a note.
Micron was also upgraded to outperform from neutral by
Baird.
Meanwhile, shares of EMC Corp. (EMC) also gained 1%. Lazard
Capital upgraded the stock's rating to buy from hold.
Shares of major players in the PC slipped after Gartner and IDC
reported fourth-quarter PC data showing growth, partly due to
stiffer competition from other devices, particularly Apple Inc.'s
(AAPL) iPad.
"The preliminary read confirms our fears of weak consumer demand
and the early effects of the tablet invasion," J.P. Morgan analyst
Mark Moskowitz said in a note. "In our view, these preliminary
results, specifically indications of weaker-than-expected growth in
Asia-Pacific, present modest downside risk to our PC market
estimates."
Intel Corp. (INTC) stock was down about 1%, ahead of the chip
giant's fourth-quarter earnings report after the closing bell.
Microsoft Corp. (MSFT) was down 1.4%, while Dell Inc. (DELL) and
Hewlett-Packard (MSFT) were each behind a fraction. Shares of Apple
Inc. were up slightly.
Shares of TTM Technologies (TTMI) were up 9% after the printed
circuit board manufacturer raised its fourth-quarter guidance.