By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks posted a mostly
negative performance Wednesday, as the sector awaited the quarterly
results from networking equipment giant Cisco Systems Inc.'s, due
after the close of trading.
Cisco (CSCO) slipped 5 cents a share to close at $22.81 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 $7.13 a share to close at $534.41 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)
Pandora Media Inc. (P) shed 15 cents a share to close at $23.62.
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 more than 9%,
to close at $34.99, 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)
and Adobe Systems Inc. (ADBE)
The Nasdaq Composite Index (RIXF) fell 29 points to close at
4,100 and the Philadelphia Semiconductor Index (SOX) ended the day
down by almost 1%.
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