Despite the broader economic recovery, IT spending remains flat, Goldman Sachs said in its latest IT spending survey.
Technology capital spending is likely to end the year flat or slightly down, Goldman said. However, the firm still expects a 3.9% spending increase next year.
Security hardware and software and storage and data networking remain top priorities, the survey found.
Top share gainers in the survey include Dell, IBM, StorageTek, EMC, HP, Red Hat, Microsoft, Mercury Interactive, BMCand Symantec.
Stocks slipped Monday on valuation concerns ahead of third-quarter earnings reports next month.
The Nasdaq lost 9 to 1845, the S&P 500 slipped 3 to 1014, and the Dow lost 22 to 9448. Volume declined to 1.13 billion shares on the NYSE, and 1.47 billion on the Nasdaq. Decliners led 17-14 on the NYSE, and 16-14 on the Nasdaq. Downside volume was 64% on the NYSE, and 60% on the Nasdaq. New highs-new lows were 131-8 on the NYSE, and 242-8 on the Nasdaq.
Microsoftis building a smartphone with AT&Tand Motorola.
Transmetasoared on a deal with HP.
Sandiskfell after raising estimates and announcing a $500 million secondary offering.
Endwaverose 9% on a deal with Nokia.
IBMand Applied Materialswere little changed despite upgrades from UBS and Merrill Lynch, respectively. Kulicke and Soffagained 3.5% on a Merrill upgrade.
Sina.comand Neteasehit new 52-week highs.
And a Pentagon contract may soon light up the optical sector.
Market Commentary: For our free daily market commentary and technical analysis, please visit the InternetStockReport.com home page at:
http://www.InternetStockReport.com.