By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks showed some weakness
Wednesday, as the sector tried to shake off broad early losses in
advance of Cisco Systems Inc.'s quarterly results, due after the
close of trading.
Cisco (CSCO) slipped 16 cents a share to $22.71 as the
networking-equipment leader prepared to deliver its fiscal
third-quarter earnings report. Analysts surveyed by FactSet
estimate Cisco will earn 48 cents a share on sales of $11.36
billion, while the company earned 51 cents a share on $12.22
billion in revenue during the same period a year ago.
Google Inc. (GOOGL) shed $3.86 a share to trade at $537.75 ahead
of the company's annual shareholders meeting Wednesday
afternoon.
Losses also came from Hewlett-Packard Co. (HPQ), Yahoo Inc.
(YHOO), Amazon.com Inc. (AMZN) and Microsoft Corp. (MSFT)
(MSFT)Pandora Media Inc. (P) rose 2.4% to $24.31 a share.
Raymond James analyst Aaron Kessler raised his rating on the
Internet radio company to outperform from Market Perform and set a
price target of $31 a share on Pandora's stock. Kessler said he
raised his rating on Pandora based on the company's "accelerating
listener hour growth as well as potential for improving user
growth."
Online discount retailer Zulily Inc. (ZU) climbed almost 11%, to
$35.50, without an obvious driver. The lock-up period for almost
111 million shares of the company's stock expired six months after
Zulily went public, and the threat of share sales often pressures a
stock price.
Other advancers included Netflix Inc. (NFLX), Apple Inc. (AAPL),
Twitter Inc (TWTR) and eBay Inc. (EBAY).
The Nasdaq Composite Index (RIXF) fell 11 points to 4,118 and
the Philadelphia Semiconductor Index (SOX) also slipped into the
red.
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