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
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.
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.
gained 8% on a deal with Intel
jumped 9% on its results.
fell 8% after its auditors resigned.