TECH STOCKS: Techs Slip In Broad Market Selloff

Date : 05/25/2010 @ 5:14PM
Source : Dow Jones News
Stock : Autodesk, Inc. (MM) (ADSK)
Quote : 110.25  0.0 (0.00%) @ 8:02AM

TECH STOCKS: Techs Slip In Broad Market Selloff

Autodesk, Inc. (MM) (NASDAQ:ADSK)
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By Benjamin Pimentel

Technology stocks fell sharply Tuesday, but later recovered to pare losses, as the broader market was rattled by financial worries in Europe and Asia.

The Nasdaq Composite Index (RIXF) slid a fraction to close at 2,211, putting the tech benchmark 2.6% lower for the year to date.

However, the Morgan Stanley High Tech 35 Index (MSH) and the Philadelphia Semiconductor Index (SOX) each bounced back from losses to close with fractional gains.

Major tech players were in the red, including Apple Inc. (AAPL), Dell Inc. (DELL) and Cisco Systems Inc. (CSCO).

Shares of Oracle Corp. (ORCL) and Microsoft Corp. (MSFT) all moved down a fraction, while Yahoo Inc. (YHOO) fell 1.5% to close at $15.31.

Autodesk Inc. (ADSK) was down 1.5% to close at $28.97, while Baidu Inc. (BIDU) dropped 2.7% to close at $69.08.

The Dow Jones Industrial Average (DJI) lost about 23 points as investors rattled by tensions on the Korean peninsula and the financial crisis in Europe decided to sell out of positions.

 
 

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