AMD, Nvidia Gain as Apple Falls Again
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AMD (NYSE: AMD) and Nvidia (NASDAQ: NVDA) soared on Monday as Apple (NASDAQ: AAPL) shares remained under pressure.
The Nasdaq ended the day modestly lower, as news that two years of massive job losses may be nearing an end have failed to inspire investors. Comments from Fed Chairman Ben Bernanke that the economic recovery remains fragile undermined early gains today.
AMD and Nvidia soared on news that Intel (NASDAQ: INTC) has scrapped a graphics project.
Other gainers included Brocade (NASDAQ: BRCD), which benefited from an Oppenheimer upgrade, while Comcast (NASDAQ: CMCSA) continued to rise on its plans to acquire NBC Universal.
But Apple remained under pressure, falling for the 11th time in 13 trading days, and is now below its 50-day moving average for the first time since the March stock market bottom. The company's shares have been sold on speculation about the iPhone's next market, while Monday brought with it news of an acquisition and a new mobile device division at Dell (NASDAQ: DELL).
Research in Motion (NASDAQ: RIMM) gained 2.7 percent on news of a move into China.
Sprint (NYSE: S) jumped 13 percent on a positive mention in Barron's.
Oracle (NASDAQ: ORCL) lost 1.5 percent 10 days ahead of its quarterly earnings report, and investors are also pondering the fate of the company's proposed merger with Sun (NASDAQ: JAVA).
The Nasdaq slipped 4 to 2189, the S&P 500 lost 2 to 1103, and the Dow added 1 to 10,389. Volume declined to 4.1 billion shares on the NYSE, and 1.89 billion on the Nasdaq. Advancers led by a 20-17 margin on the NYSE, and 14-13 on the Nasdaq. Downside volume was 55 percent on the NYSE, and 51 percent on the Nasdaq. New highs-new lows were 244-32 on the NYSE, and 108-17 on the Nasdaq.