Tech stocks traded lower Thursday after investors took profits from a five-day run-up that saw the Nasdaq gain nearly 200 points off last week’s low.
Bank of America’s plan to inject $2 billion into Countrywide Financial
wasn’t enough to overcome credit market fears, as the Dow and S&P also finished just below the flat line.
JDS Uniphase fell 5% despite beating estimates, as analysts fretted over the state of its optical communications division, which saw sales sink 15%.
Intuit lost 3% on news that its CEO will leave by the end of the year.
Tech Data rose 3.5% on upbeat comments from Citigroup a day after beating estimates and raising guidance.
Limelight Networks gained 5% on a digital media deal with Microsoft
.
Sirf fell 9% on cautious comments from a Bank of America analyst.
C-Cor lost 19% after missing estimates.
The Nasdaq lost 11 to 2541, the S&P 500 slipped 1 to 1462, and the Dow slipped a fraction to 13,235. Volume declined to 3.04 billion shares on the NYSE, and 1.66 billion on the Nasdaq. Advancing issues led by a few shares on the NYSE, while decliners led 18-12 on the Nasdaq. Downside volume was 51% on the NYSE, and 57% on the Nasdaq. New highs-new lows were 25-60 on the NYSE, and 54-68 on the Nasdaq.
