By Benjamin Pimentel, MarketWatch
Shares of Apple Inc. edged lower Monday ahead of the company's
big developer conference, while Broadcom rallied after the
chip-maker said it's exploring whether to abandon the cellphone
baseband business.
Apple (AAPL) was down nearly 1% as the iPhone maker geared up
for its Worldwide Developer Conference, known as WWDC. The stock
was still up 17% this quarter amid speculation that Apple was going
to unwrap a major product or service.
The tech sector got a boost from shares of Broadcom (BRCM),
which were up nearly 8%. The chip company announced Monday that it
was exploring the sale of its cellular baseband business, which is
expected to cut expenses by $700 million.
But technology stocks took a hit from declining shares of Google
Inc.(GOOGL), Hewlett-Packard (HPQ) and Facebook Inc.(FB) Google was
down 2%, while Facebook and H-P each shed 1%.
The Nasdaq Composite Index (RIXF) slipped by 0.5% to 4,222. The
Morgan Stanley High Tech 35 Index (MSH) was off a fraction, while
the Philadelphia Semiconductor Index (SOX) was flat.
More must-read stories from MarketWatch:
12,000 Europeans asked Google to erase them from Internet
existence
Why Apple's plan to livestream WWDC is a big deal
Subscribe to WSJ: http://online.wsj.com?mod=djnwires