By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Technology stocks were mostly in
the red Thursday, as shares of Akamai Technologies Inc. tumbled
after the Internet software and services company issued a muted
forecast.
Akamai (AKAM) fell more than 14%, the leading decliner on the
S&P 500 Index. The Nasdaq Composite Index (RIXF) slipped a
fraction to 2,866.
However, the S&P 500 (SPX) was up a fraction, thanks to
gains in shares of Citrix Systems Inc. (CTXS) which jumped more
than 8% after the information-technology-services company reported
upbeat results. Citrix was the S&P 500's top gainer.
"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 Morgan Stanley High Tech 35 Index (MSH) was down 0.6%, while
the Philadelphia Semiconductor Index (SOX) slid 1%.
The tech sector also took a hit from shares of Teradyne Inc.
(TER), which were down more than 14% a day after the electronic
production equipment maker reported a jump in quarterly profit, but
issued a weaker-than-expected forecast.