RealTime IT News

Dell Drags Down Market

Dell's lackluster revenue figures released after the bell on Thursday had investors hitting the escape key on Friday. Shares of the PC maker dropped $2.94, or 7 percent, to $36.64 in heavy trading.

Other technology bellwethers were also faltered. Chipmaker Intel shed 51 cents, or 2 percent, to $26.31. Networking equipment vendor Cisco lost 26 cents, or 1 percent, to $17.80. Microsoft was also off 1 percent, losing 22 cents to $27.05.

The negative momentum in tech wasn't helped by outside economic factors either. Oil prices flirted with $67 per barrel and the U.S. Commerce Department reported a widening foreign trade deficit.

Overall, the Nasdaq lost 17.65 to 2,156, the S&P was off 7.42 to to 1,230, and the Dow shed 85.58 to 10,600. Trading volumes on the Nasdaq and New York Stock exchange were 1.63 billion shares and 1.69 billion shares, respectively.

Among the tech stocks that fought the trend was Apple , which hit a 52-week high. The computer and iPod maker jumped $2.10, or 5 percent, to $46.10.

Search engine giant Google shook off a sluggish start to add $5.67, or 2 percent, to $289.72.

Looking ahead to Monday, Gateway , another PC maker with aspirations to expand into consumer electronics, is due to release earnings. Also on tap is e-commerce and marketing specialist FindWhat.com

Paul Shread is not writing this week. He will return next week with technical analysis.