By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Technology stocks were in broad
retreat Friday morning as the Nasdaq Composite Index slipped back
under 3,000 after U.S. stocks fell on weaker-than-expected job
growth in April.
The Nasdaq (RIXF) shed more than 1% to 2,984, shares of major
tech companies slid into the red. The last time the benchmark was
below the 3,000 mark was April 24.
Cisco Systems (CSCO) was down 2%, while Intel Corp. (INTC) shed
1%, as the two stocks became two of the worst performers on the Dow
Jones Industrial Average. The Dow (DJI) was down 92 points.
On the upside, shares of Micron (MU) also were up by more than
5% on media reports that the semiconductor company has apparently
won the bidding for the failed Japanese memory chip maker
Elpida.
Shares of LinkedIn (LNKD) jumped 10% a day after the
professional social networking reported a surge in earnings.
"We are positive on LinkedIn's business and believe it will be
difficult for competitors to challenge its leadership position,"
Needham analyst Kerry Rice said in a note. "The company's large
addressable market is underpenetrated, in our view, and an
improving economy should benefit LinkedIn's growth"
But there were questions on how much the economy has improved
after April's employment numbers came in below forecasts.
Also in negative territory were shares of Apple Inc.(AAPL),
which shed 1.6%, Oracle Corp.(ORCL), down 1.7% and Microsoft
Corp.(MSFT), which traded down 1.3%.