By Benjamin Pimentel, MarketWatch
Technology stocks were modestly lower Monday morning, led by
shares of Apple Inc. which slipped back below the $600 mark.
Apple (AAPL) shed 2% to $590.77 in early trading, as the Nasdaq
Composite Index (RIXF) edged down by 0.7% to 3,049. The
Philadelphia Semiconductor Index (SOX) also was down a
fraction.
Also weighing down the sector were shares of Netflix Inc. (NFLX)
which lost more than 3%.
Shares of Nvidia Corp. (NVDA) were off a fraction at $12.96.
ThinkEquity analyst Suji De Silva trimmed his price target for the
chipmaker's stock to $14 from $15, while maintaining a hold
rating.
"We expect Nvidia to benefit from recovering broader demand, but
expect consumer PC recovery to be measured and limited near-term
upside. We also expect handset revenue headwinds as Samsung
transitions to an in-house application processor from Nvidia," he
wrote.
Shares of Microsoft Corp. (MSFT) traded mostly flat after the
software giant unveiled a digital-reader partnership with
bookseller Barnes & Noble, whose shares soared more than
60%.