Stocks Slammed on Retail Warnings

Stocks plunged Tuesday on warnings from Sears and Home Depot and continuing housing market woes, but a few tech stocks managed to buck the downtrend.

Apple gained 1.5% on reports that it may be developing a cheaper iPhone, but the news couldn’t help iPhone partner AT&T , which got hit along with Verizon on worries that an FCC spectrum auction could create more competition.

Akamai surged 4% on news that it will be added to the S&P 500 after the close on Wednesday, and Baidu continued to shine, gaining after scheduling its earnings release for July 25.

Micron tacked on 1% on a Jefferies & Co. upgrade on improving memory prices, and Intel escaped the selling on a Standard & Poors buy rating.

Perficient gained 6% after raising its outlook, but Unica lost a quarter of its value on a warning.

The Nasdaq lost 30 to 2639, the S&P 500 tumbled 21 to 1510, and the Dow plunged 148 to 13,501. Volume rose to 3.21 billion shares on the NYSE, and 2.25 billion on the Nasdaq. Declining issues led by a 24-7 margin on the NYSE, and 22-8 on the Nasdaq. Downside volume was 83% on the NYSE, and 74% on the Nasdaq. New highs-new lows were 115-90 on the NYSE, and 147-29 on the Nasdaq.

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