RIM, Salesforce Weigh on Tech Stocks
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Downgrades and some uninspiring earnings reports weighed on the tech sector Wednesday.
Research in Motion (NASDAQ: RIMM) shed 2.5 percent on a BMO downgrade on growing competition from Verizon (NYSE: VZ).
Salesforce.com (NYSE: CRM) lost 3 percent on better than expected results and in-line guidance, while Autodesk (NASDAQ: ADSK) fell 10 percent on a disappointing financial outlook.
Seagate (NASDAQ: STX) lost 4 percent on a Bank of America/Merrill Lynch downgrade, while Aruba Networks (NASDAQ: ARUN) gained 3.5 percent on a Barclays upgrade.
Dell (NASDAQ: DELL) was up modestly a day ahead of its quarterly results. Analysts expect quarterly earnings of 28 cents a share from Dell on a 13 percent sales decline to $13.18 billion, according to Thomson Reuters. Revenue estimates have been creeping higher ahead of Dell's results.
Iridium (NASDAQ: IRDMU) surged 23 percent on a satellite deal in Mexico.
Dish Network (NASDAQ: DISH) lost 10 percent on a change at the top.
After the close, NetApp (NASDAQ: NTAP) gained 3 percent after beating earnings estimates.
The Nasdaq fell 10 to 2193, the S&P 500 slipped a fraction to 1109, and the Dow lost 11 to 10,426. Volume rose to 4.29 billion shares on the NYSE, and 2 billion on the Nasdaq. Decliners led by a 20-16 margin on the NYSE, and 16-10 on the Nasdaq. Upside volume was 53 percent on the NYSE, and 42 percent on the Nasdaq. New highs-new lows were 244-47 on the NYSE, and 80-21 on the Nasdaq.