TECH STOCKS: Techs Slip On Jobs Data; Activision Shares Fall

Date : 08/06/2010 @ 12:21PM
Source : Dow Jones News
Stock : Autodesk, Inc. (MM) (ADSK)
Quote : 113.03  0.0 (0.00%) @ 8:28AM

TECH STOCKS: Techs Slip On Jobs Data; Activision Shares Fall

Activision Blizzard, (MM) (NASDAQ:ATVI)
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By Benjamin Pimentel

Technology stocks fell Friday, swept down in a broader-market retreat as investors reacted to more grim employment news.

Highlighting the declines were shares of Activision Blizzard Inc. (ATVI) which sank more than 6%, a day after the videogame publisher reported weaker-than-expected adjusted sales.

Shares of Autodesk (ADSK) also lost more than 6% as the stock was downgraded to hold by Jefferies & Company which cited weaker growth in Europe.

The Nasdaq Composite Index (RIXF) was down more than 1% to 2,267, while the Morgan Stanley High Tech 35 Index (MSH) fell 1.3%.

The Dow Jones Industrial Average (DJI) lost more than 120 points as investors digested a Labor Department report that showed a weaker-than-expected rise in private payrolls.

After managing to stay afloat early in the session, the chip sector also staggered into the red, with the Philadelphia Semiconductor Index (SOX) down about 0.8% at last check.

Despite concerns about excess chip supply, Wells Fargo Securities analyst David Wong wrote in a Friday note that data show "while inventory levels are definitely rising in the supply chain, absolute levels and days of inventory are still on the low end of what we view as normal historically."

Shares of some major chip makers were up, including Advanced Micro Devices Inc. (AMD) and Nvidia Corp. (NVDA).

Shares of NetSuite Inc. (N) also were up nearly 5%, a day after the business software company reported adjusted earnings and revenue that beat Wall Street's expectations.

 
 

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