TECH STOCKS: Akamai Falls, But Nasdaq Ekes Out Gain

Date : 04/28/2011 @ 5:05PM
Source : Dow Jones News
Stock : Citrix Systems, Inc. (MM) (CTXS)
Quote : 81.58  0.0 (0.00%) @ 4:00AM

TECH STOCKS: Akamai Falls, But Nasdaq Ekes Out Gain

Akamai (NASDAQ:AKAM)
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By Benjamin Pimentel, MarketWatch

SAN FRANCISCO (MarketWatch) -- Shares of Akamai Technologies Inc. tumbled Thursday, after the company issued a muted forecast, but the tech sector rallied to push the Nasdaq Composite Index into positive territory.

Akamai (AKAM) fell 14.7% to close at $34.94, the leading decliner on the S&P 500 Index.

However, the S&P 500 (SPX) rose 0.4% to close at 1,360, , thanks to gains in shares of Citrix Systems Inc. (CTXS) which jumped 9.7% to close at $85.37 after the information-technology-services company reported upbeat results. Citrix was one of the S&P 500's top gainers.

"Guidance appears conservative and we see upside to estimates in the second half of 2011," said Lazard Capital Markets analyst Joel Fishbein said in a note. "Customer activity and pipeline are at record levels, and Citrix continues to have good momentum on the back of strong execution."

The Nasdaq Composite Index (RIXF) edged higher by 0.1% to close at 2,873. But the Morgan Stanley High Tech 35 Index (MSH) was down 0.4%, while the Philadelphia Semiconductor Index (SOX) slid 0.7%.

The tech sector also took a hit from shares of Teradyne Inc. (TER), which were down 12.4% to close at $16.03 a day after the electronic production equipment maker reported a jump in quarterly profit, but issued a weaker-than-expected forecast.

 
 

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