TECH STOCKS: Techs Recover As TI Falls; RealNetworks Rises

Date : 12/09/2009 @ 11:42AM
Source : Dow Jones News
Stock : Verisign, Inc. (MM) (VRSN)
Quote : 108.94  0.75 (0.69%) @ 6:00PM

TECH STOCKS: Techs Recover As TI Falls; RealNetworks Rises

Texas Instruments (NASDAQ:TXN)
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By Benjamin Pimentel

The tech sector bounced back from early losses, trading mostly flat 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% late morning.

TI's downward trajectory had set the tone for the sector.

But the Nasdaq Composite (RIXF) regained lost ground, was mostly flat at 2,172 at last check.

The Morgan Stanley High Tech 35 Index (MSH) and the Philadelphia Semiconductor Index (SOX) each also traded sideways.

There were bright spots for the sector.

Shares of Apple Inc. (AAPL) gained 1.8% after an Oppenheimer analyst said the computer maker is ramping up production on the much-anticipated tablet.

RealNetworks Inc. (RNWK) saw its shares rise more than 15% 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 in a dispute over patent royalties.

 
 

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