Amazon.com (NASDAQ: AMZN) and RF Micro Devices (NASDAQ: RFMD) led the Nasdaq higher on Wednesday, but Apple (NASDAQ: AAPL) shares continued to get hit on speculation about future markets for the iPhone.
Amazon rose 3 percent to a new all-time high on optimism about the online retailing giant’s holiday sales prospects.
RF Micro gained nearly 7 percent on a UBS upgrade on improving handset demand.
Micron (NYSE: MU) and SanDisk (NASDAQ: SNDK) were among the beneficiaries after Wells Fargo made a bullish call on semiconductor demand.
But Apple once again gave up early gains to end modestly lower, as analysts debate where the iPhone could be headed when Apple’s exclusive deal with AT&T expires next year. T-Mobile and Verizon appear to be the two most likely options.
Nokia (NYSE: NOK) lost 3.5 percent after saying it expects a 10 percent increase in handset volumes next year, but falling prices.
The Nasdaq rose 9 to 2185, the S&P 500 edged higher to 1109, and the Dow slipped 19 to 10,452. Volume declined to 3.94 billion shares on the NYSE, and 2.08 billion on the Nasdaq. Advancers led by a 24-13 margin on the NYSE, and 16-10 on the Nasdaq. Upside volume was 59 percent on the NYSE, and 65 percent on the Nasdaq. New highs-new lows were 352-59 on the NYSE, and 115-27 on the Nasdaq.