TECH STOCKS: AMD Leads Tech Retreat, But Netflix, Apple Gain
07/05/2012| 10:27am US/Eastern
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By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- The tech sector stood in negative territory in early post-holiday trading, as shares of Advanced Micro Devices headed south after Sterne Agee downgraded its rating to neutral.
AMD (>> Advanced Micro Devices, Inc.) shed nearly 3% to $5.86 on Thursday, ranking as one of the worst performers within the S&P 500 index. Analyst Vijay Rakesh cut his rating on the chipmaker, citing expectations for a slowing personal computer market.
"We believe the slowing PC market limits upside," Rakesh wrote. "While AMD continues to execute, material upside to consensus might be limited given PC transition and competitive headwinds."
The Philadelphia Semiconductor Index (SOX) fell 2%, while the Nasdaq Composite Index (RIXF) slipped a fraction to 2,960.
Within the Dow Jones Industrial Average, tech components Intel Corp. (>> Intel Corporation) and Cisco Systems (>> Cisco Systems, Inc.) were among the top decliners, as Wall Street reacted to the European Central Bank president's comments on downside risks to euro-area growth.
On the upside, shares of Netflix Inc. (>> Netflix, Inc.) jumped more than 8% to $78.22, while Yelp Inc. (>> Yelp Inc) saw its stock gain about 10% to $27.20.
Shares of Apple Inc. (>> Apple Inc.) were also up, gaining nearly 1% at $604.75 in the early going.
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