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TECH STOCKS: Cisco, NetApp Shares Fall; Angie's List Soars

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02/14/2013 | 04:51pm CEST

By Dan Gallagher, MarketWatch

SAN FRANCISCO (MarketWatch) -- Technology stocks fell on Thursday, weighed down by selloffs for Cisco Systems Inc. and NetApp Inc. with some offsetting gains coming from Internet stocks such as Angie's List Inc.

The Nasdaq Composite index (RIXF) slipped 0.3% to 3,188 while the Morgan Stanley High-Tech Index (MSH) fell 0.3% and the Philadelphia Semiconductor Index (SOX) was down by a fraction.

Cisco (>> Cisco Systems, Inc.) shares fell 2% after the network giant reported a small sales gains for its second fiscal quarter and issued a forecast that was in line with Wall Street's estimates. The stock had rallied 25% since the company's prior earnings report.

"Investors may have to wait a bit longer if they were hopeful that Cisco Systems' earnings report would spark a rally in tech," wrote Scott Thompson of FBR Capital on Thursday, who added that the results "fell short of breakout performance."

Also down following its earnings report was NetApp (>> NetApp Inc.) , which was last trading down 2.5%. Earnings jumped 32% at the provider of network storage solutions, but NetApp's shares had also run up by more than 36% over the last three months.

Rohit Chopra of Wedbush kept his neutral rating on NetApp following the results, writing that "we remain cautious on the uncertain spending environment and advise investors to remain on the sidelines until signs of sustainable growth and visibility emerge."

One notable gainer was Angie's List (>> Angie's List Inc), which surged 30% following strong results and a positive forecast. Raymond James upgraded the stock to a strong buy rating before the opening bell.

Nvidia Corp. (>> NVIDIA Corporation) shares slipped by a fraction after Needham & Co. downgraded the chip maker to a hold rating following its results. "Rising opex growth is outpacing revenue growth, eliminating any earnings leverage," analyst Rajvindra Gill wrote in a note.

BlackBerry (RIMM) shares edged up 1% after falling more than 5% near the open. A regulatory filing by former co-CEO Jim Balsillie showed the former leader of the smartphone maker had sold all of his shares in the company. He had held an ownership stake of more than 5% as recently as late 2011, according to Dow Jones Newswires.

Balsillie stepped down as co-CEO in early 2012 as part of a major shake-up at the company that brought in current chief Thorsten Heins, who is leading the launch of the new BlackBerry 10 platform.

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stocks mentioned in the article
ChangeLast1st jan.
ANGI HOMESERVICES INC -1.76% 13.41 Delayed Quote.28.20%
BLACKBERRY LTD -0.23% 13.3 Delayed Quote.-2.85%
CISCO SYSTEMS -0.07% 43.71 Delayed Quote.14.13%
DJ INDUSTRIAL 0.25% 24083.83 Delayed Quote.-2.57%
NASDAQ 100 0.08% 6513.9405 Delayed Quote.1.76%
NASDAQ COMP. -0.05% 7003.7375 Delayed Quote.3.26%
NETAPP -0.88% 67.25 Delayed Quote.21.57%
NVIDIA CORPORATION -2.05% 216.66 Delayed Quote.11.97%
S&P 500 0.18% 2639.4 Real-time Quote.-1.46%
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Financials ($)
Sales 2018 49 158 M
EBIT 2018 15 326 M
Net income 2018 -855 M
Finance 2018 31 907 M
Yield 2018 2,78%
P/E ratio 2018 -
P/E ratio 2019 18,44
EV / Sales 2018 3,64x
EV / Sales 2019 3,63x
Capitalization 211 B
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Number of Analysts 31
Average target price 48,9 $
Spread / Average Target 12%
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Charles H. Robbins Chairman & Chief Executive Officer
Tiang Yew Tan Senior Vice President-Operations & Digital
Kelly A. Kramer Chief Financial Officer & Executive Vice President
Guillermo Diaz Chief Information Officer & Senior Vice President
Roderick C. McGeary Independent Director
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