Apple, AMD Drag Techs Lower

Disappointing results from Apple and questions about AMD’s results sent the Nasdaq to its lowest close in five months on Wednesday.

Both AMD and Apple posted solid results late Tuesday, but Apple shares slid 4.5% on disappointing iPod sales. AMD lost 12% despite blow-out results, as investors fretted about the company’s margins and valuation.

The broader market followed the Nasdaq lower, as inflation and growth fears continued to weigh on stocks.

The Nasdaq fell 23 to 2037, the S&P 500 lost 7 to 1177, and the Dow fell 36 to 10,217. Volume rose to 2.49 billion shares on the NYSE, and 2.06 billion on the Nasdaq. Decliners led 26-7 on the NYSE, and 23-7 on the Nasdaq. Downside volume was 76% on the NYSE, and 80% on the Nasdaq. New highs-new lows were 19-320 on the NYSE, and 25-232 on the Nasdaq.

Apollo slipped 1% on in-line results, while Datalink fell 16% on its results.

SCM Microsystems gained 12% after raising guidance.

Research In Motion climbed 1.6% on a share buyback plan.

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