TECH STOCKS: Techs Dip As TI Falls; Apple, RealNetworks Rise

Date : 12/09/2009 @ 10:53AM
Source : Dow Jones News
Stock : Verisign, Inc. (MM) (VRSN)
Quote : 98.95  0.11 (0.11%) @ 8:00PM

TECH STOCKS: Techs Dip As TI Falls; Apple, RealNetworks Rise

Texas Instruments (NASDAQ:TXN)
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By Benjamin Pimentel

The tech sector dipped early Wednesday as shares of Texas Instruments Inc. fell on what analysts said was likely a wave of profit-taking.

The Dallas-based chip behemoth (TXN) narrowed its earnings outlook late Tuesday, pointing to a strong fourth quarter, but some analysts said investors' expectations may have been overheated.

"I think the sentiment has gone a bit too high," Wedbush analyst Patrick Wang said in a phone interview Tuesday, noting that the stock's decline after the company's mid-quarter update may have been due to investors taking profits.

In a note Wednesday, Wang said TI management "continues to flawlessly execute on its analog/embedded strategy, driving share gains and outsized growth in today's recovering economy."

Shares of TI were off nearly 3% in early trade.

TI's downward trajectory set the tone for the sector, as the Nasdaq Composite (RIXF) lost 0.3% to 2,166. The Morgan Stanley High Tech 35 Index (MSH) declined 0.3%, while the Philadelphia Semiconductor Index (SOX) fell 0.4%.

There were bright spots for the sector.

Shares of Apple Inc. (AAPL) gained 1.4% after an Oppenheimer analyst said the computer maker is ramping production on the much-anticipated tablet.

RealNetworks Inc. (RNWK) saw its shares rise more than 14% after J.P. Morgan upgraded the digital-media company's stock to neutral from underweight, citing a better-than-expected ruling in its arbitration with VeriSign Inc. (VRSN). VeriSign was down 1.3%.

Shares of Rambus Inc. (RMBS) rose more than 2% after the chip-design company reached a settlement with the European Commission on a dispute over patent royalties.

 
 

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