By Rex Crum
Technology stocks fell Tuesday, in line with a broader market
decline and led by shares of Hewlett-Packard Co. after the company
reported lower earnings and weak sales.
The tech-heavy Nasdaq Composite Index (RIXF) was off by 2.3
points at 1,953, while the Morgan Stanley High Tech 35 Index (MSH)
and the Philadelphia Semiconductor Index (SOX) both dipped into the
red
H-P (HPQ) shares fell 55 cents, or 1.3%, to $43.55 after the
company said late Monday that its fiscal third-quarter earnings
declined by 19% from the same period a year ago.
However, H-P's results still topped the estimates of Wall Street
analysts, many of whom said the company's profit margins remain
strong, and were impressed by H-P's fourth-quarter earnings
outlook, which exceeded analysts' consensus forecasts.
Losses also came from IBM Corp. (IBM), Microsoft Corp. (MSFT),
Texas Instruments Inc. (TXN) and Intel Corp. (INTC).
But the tech sector managed to show some signs of life, with
gains coming from Apple Inc. (AAPL), EMC Corp. , Cisco Systems Inc.
(CSCO) and Dell Inc. (DELL).
Storage-technology company NetApp Inc. rose 15 cents a share to
$23. Analysts at Bank of America and Avian Securities raised their
ratings on NetApp's stock ahead of the company's quarterly results,
due after the market close.