Tech stocks closed lower Friday on fresh evidence of weakness in the chip sector.
Warnings from Cirrus Logic , Philips Electronics
and Applied Micro
sent chip stocks to a 3% loss on the day.
Disappointing results from PalmSource and Manugistics
also weighed on tech stocks, ending a volatile week on a down note.
The broader market managed a slight gain despite rising oil prices and falling durable orders and home sales.
The Nasdaq lost 7 to 1879, the S&P 500 rose 2 to 1110, and the Dow climbed 8 to 10,047. Volume declined to 1.26 billion shares on the NYSE, and 1.36 billion on the Nasdaq. Advancers led 18-14 on the NYSE, but decliners led 15-14 on the Nasdaq. Upside volume was 54% on the NYSE, and 30% on the Nasdaq. New highs-new lows were 143-31 on the NYSE, and 64-44 on the Nasdaq.
PeopleSoft rose 3% after Oracle
renewed its offer to acquire the company. There were also reports that Oracle’s takeover bid could get EU approval soon, but an EU spokesman denied those reports.
Cellstar gained 8% on a deal with Intel
.
Intervoice jumped 9% on its results.
Avanex fell 8% after its auditors resigned.