TECH STOCKS: Apple Slips Below $600, Netflix Retreats

Date : 04/30/2012 @ 10:26AM
Source : Dow Jones News
Stock : Microsoft Corp. (MSFT)
Quote : 92.48  0.0 (0.00%) @ 5:56AM
Microsoft share price Chart

TECH STOCKS: Apple Slips Below $600, Netflix Retreats

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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%.

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