Intel shares slumped 2.4% after the company called a bottom in the PC market but issued a cautious outlook for the second quarter.
The news weighed on the chip sector. The Philadelphia Semiconductor Index (PHI: SOX) lost 1.5%. AMD (NYSE: AMD), which will report its results next week, fell 5.2%, and chip equipment makers were weak on news that Intel plans to cut capital spending. Applied Materials (NASDAQ: AMAT) shed 2.8%.
But the rest of the market gained on optimism that an economic recovery is near, and even the Nasdaq ended the day up fractionally.
Google (NASDAQ: GOOG) rose and Nokia (NYSE: NOK) fell ahead of their earnings reports due out on Thursday.
Analysts expect Google to report earnings of $4.93 a share on a 10.5% increase in sales to $4.08 billion, according to Thomson Reuters. Nokia is expected to report a 34% decline in sales to $12.71 billion.
Microsoft (NASDAQ: MSFT), Cisco (NASDAQ: CSCO), Oracle (NASDAQ: ORCL), Dell (NASDAQ: DELL) and Amazon (NASDAQ: AMZN) also ended the day on the downside, but HP (NYSE: HPQ) tacked on 2.1% on reports that it will unveil a new server system on Monday.
Micron (NYSE: MU) rose 4.7% on plans to raise $200 million.
Microsoft, Intel Lead Tech Stock Rally Optimism that technology companies could benefit from a massive government stimulus plan sent the Nasdaq more than 1% higher today.
Tech stocks posted solid gains Monday despite an industry report detailing falling chip sales.
The Semiconductor Industry Association reported that chip sales plunged 22% in December, but with fourth-quarter earnings reports largely out of the way, investors [...]
Intel's Spending Plans No Help for Stocks Intel's $7 billion stimulus plan was no match for disappointment over the latest government financial rescue plan.
Stocks plunged Tuesday on disappointment over a lack of details in a new Treasury Department financial rescue plan, overshadowing an optimistic announcement from Intel (NASDAQ: INTC).
The S&P 500 had rallied 5% last week in anticipation of the announcement — [...]
Intel Sees a Bottom, but Investors Have Doubts Intel makes a bold call, but the company's guidance leaves room for doubt.
Intel (NASDAQ: INTC) called a bottom in the PC market late Tuesday, but investors acted like they didn't believe it.
Intel posted first-quarter earnings and sales that were down significantly, yet still managed to beat expectations.
But the biggest news was an accompanying statement by [...]
Google, Tech Stocks Post Modest Gains Stocks had little to show for a day of rocky trading on Friday.
Google (NASDAQ: GOOG) and the stock market spent a lot of time going nowhere on Friday.
Google started the day lower after posting strong earnings and lower than expected sales and issuing a cautious outlook. The stock rallied 3% to its highs of the [...]
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