Despite an early rally, tech stocks remained in the summer doldrums on Friday, as they fell for the sixth consecutive day.
Investors ignored strong earnings from Emulex , and instead focused on NVIDIA’s
declining fortunes, sending the stock plunging 20%.
Techs will have another chance to get up off the mat next week, when tech heavyweights Applied Materials and Dell
report earnings.
The broader market posted a third straight day of gains on strong retail sales, led by McDonald’s .
The Nasdaq lost 8 to 1644, the S&P 500 climbed 3 to 977, and the Dow rose 64 to 9191. Volume declined to 1.08 billion shares on the NYSE, and 1.34 billion on the Nasdaq. Advancers led 20-11 on the NYSE, while decliners led 15-14 on the Nasdaq. Upside volume was 64% on the NYSE, and 40% on the Nasdaq. New highs-new lows were 70-22 on the NYSE, and 79-8 on the Nasdaq.
Microsoft edged lower on concern about Xbox sales raised by NVIDIA’s warning.
Intel and Broadcom
both declined as they settled their long-running patent dispute.
Palm and Handspring’s
merger moved closer to approval.
And next-generation interactive TV may be the Next Big Thing.
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