TECH STOCKS: Tech Stocks Falter Ahead Of Cisco's Results

Date : 11/10/2010 @ 11:18AM
Source : Dow Jones News
Stock : Lam Research Corp. (MM) (LRCX)
Quote : 176.73  4.45 (2.58%) @ 8:00PM

TECH STOCKS: Tech Stocks Falter Ahead Of Cisco's Results

Cisco Systems, Inc. (MM) (NASDAQ:CSCO)
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By Rex Crum

SAN FRANCISCO (MarketWatch) -- Tech stocks were mostly in the red Wednesday, as the sector followed the broad market south and awaited the release of Cisco Systems Inc.'s quarterly results after the market close.

Cisco (CSCO) gave up 27 cents a share to trade at $24.07 in advance of the company's fiscal first-quarter results. Analysts surveyed by FactSet Research estimate Cisco will earn 40 cents a share on $10.75 billion in sales, up from 36 cents a share on revenue of $9 billion in the year-ago period.

With Cisco in the red, other tech stocks followed suit. Losses came from Apple Inc. (AAPL), Hewlett-Packard Co. (HPQ), Intel Corp. (INTC), Yahoo Inc. (YHOO) and Dell Inc. (DELL).

The Nasdaq Composite Index (RIXF) fell 13 points to 2,550, while the Philadelphia Semiconductor Index (SOX) gave up more than 1%.

Google Inc. (GOOG) shares fell $6.77 to $618.38. However, the Internet kingpin was getting more attention for a company plan to give 10% raises to every one of its 23,000 employees.

Video-technology company Sonic Solutions Inc. (SNIC) fell by $1 a share, or more than 8%, to $11.10, after the company gave a weaker-than-expected revenue forecast for its fiscal third-quarter.

Other losses came from Western Digital Corp. (WDC), down $1.16 a share, or 3.4%, at $33.39; Lam Research Corp. (LRCX), which fell $1.73 a share, or 3.7%, to $45.29, and Advanced Micro Devices Inc. (AMD), down 15 cents a share, or 2%, at $7.76.


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