By Benjamin Pimentel, MarketWatch
Shares of Apple Inc. edged lower Monday as the tech giant kicked
off its developer conference by unveiling a new version of its iOS
operating system, while Broadcom rallied after the chip-maker said
it's exploring whether to abandon the cellphone baseband
business.
Apple (AAPL) fell 0.7% to close at $628.65 as the iPhone maker
began its Worldwide Developer Conference, known as WWDC. Apple
introduced iOS8, a new version of its mobile operating system. The
company also unveiled developer kits geared toward the home and
health care.
The tech sector got a boost from shares of Broadcom (BRCM),
which were up 9.3% to close at $34.84. The chip company announced
Monday that it was exploring the sale of its cellular baseband
business, which is expected to cut expenses by $700 million.
But technology stocks took a hit from declining shares of Google
Inc.(GOOGL), Hewlett-Packard (HPQ) and Facebook Inc.(FB) Google was
down 1.3% to close at $564.34, while Facebook shed 0.4% to close at
$63.08 and H-P fell 0.2% to close at $33.43.
The Nasdaq Composite Index (RIXF) slipped 0.1% to close at
4,237. The Morgan Stanley High Tech 35 Index (MSH) was off a
fraction, while the Philadelphia Semiconductor Index (SOX) was up
0.5%.
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