By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Technology stocks edged lower
Tuesday, as shares of International Business Machines Corp. fell
after Credit Suisse downgraded the stock to underperform.
IBM (IBM) was down more than 2% at $191.44 after Credit Suisse
analyst Kulbinder Garcha cut the stock's rating, saying, "future
organic growth will be challenging."
"Organically we believe IBM is effectively in decline," Garcha
wrote, citing among the challenges the company faces "the shift to
cloud" that "continues to present risks given IBM's technology
positioning."
IBM's stock was the top decliner on the Dow Jones Industrial
Average (DJI) which was off 91 points.
Also in the red were shares of Hewlett-Packard Co. (HPQ) , Intel
Corp.(INTC) , Facebook Inc. (FB) and Microsoft Corp.(MSFT) Gains
came from Apple Inc.(AAPL) and Oracle Corp. (ORCL)
The Nasdaq Composite Index (RIXF) was down 20 points, or 0.5%,
at 3,673. The Philadelphia Semiconductor Index (SOX) was off a
fraction.
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