Apple, Cisco Left Out of Tech Stock Rebound
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Apple (NASDAQ: AAPL) and Cisco Systems (NASDAQ: CSCO) ended the week on a down note even as the rest of the market managed a late-day recovery.
The Dow and S&P erased steep losses despite news that the economy shed another 650,000 jobs last month and unemployment reached 8.1%. But the Nasdaq ended the day with a modest loss, weighed down by some of its biggest names.
Apple fell 4% after JP Morgan said iPhone and Mac sales may be weaker than expected. Research in Motion (NASDAQ: RIMM) and Palm (NASDAQ: PALM) also fell sharply.
Cisco ended the day 2.5% lower after investors interpreted company comments to Bloomberg to mean the Cisco may be planning a big acquisition. Juniper (NASDAQ: JNPR) lost nearly 6%.
But other tech names fared better. Marvell (NASDAQ: MRVL) jumped 7% after its quarterly results came in better than expected. Broadcom (NASDAQ: BRCM) rose 4%, but Applied Materials (NASDAQ: AMAT) fell 3.8%.
Yahoo (NASDAQ: YHOO) was up 4%, but Sun (NASDAQ: JAVA) and Amazon (NASDAQ: AMZN) lost 5% each.
Clearwire (NASDAQ: CLWR) lost 6% on news that it may slow its wireless broadband buildout.
EMC (NYSE: EMC) and NetApp (NASDAQ: NTAP) slipped on news of the first storage market decline in more than five years.
And FairPoint (NYSE: FRP) plunged 65% to 56 cents a share after the Verizon spin-off posted a loss and suspended its dividend.
The Nasdaq lost 5 to 1293, the S&P 500 was up a fraction to 683, and the Dow gained 32 to 6626. Volume declined to 8.46 billion shares on the NYSE, but rose to 2.5 billion on the Nasdaq. Decliners led by a 24-14 margin on the NYSE, and 14-13 on the Nasdaq. Downside volume was 53% on the NYSE, and 58% on the Nasdaq. New highs-new lows were 7-1060 on the NYSE, and 1-624 on the Nasdaq.