TECH STOCKS: Apple Slips Below $600, Netflix Retreats
First Published Monday, 30th April 2012 02:11 pm - © 2012 Dow Jones
By Benjamin Pimentel, MarketWatch
Technology stocks were modestly lower Monday morning, led by shares of Apple Inc. which slipped back below the $600 mark.
Apple (AAPL) shed 2% to $590.77 in early trading, as the Nasdaq Composite Index (RIXF) edged down by 0.7% to 3,049. The Philadelphia Semiconductor Index (SOX) also was down a fraction.
Also weighing down the sector were shares of Netflix Inc. (NFLX) which lost more than 3%.
Shares of Nvidia Corp. (NVDA) were off a fraction at $12.96. ThinkEquity analyst Suji De Silva trimmed his price target for the chipmaker's stock to $14 from $15, while maintaining a hold rating.
"We expect Nvidia to benefit from recovering broader demand, but expect consumer PC recovery to be measured and limited near-term upside. We also expect handset revenue headwinds as Samsung transitions to an in-house application processor from Nvidia," he wrote.
Shares of Microsoft Corp. (MSFT) traded mostly flat after the software giant unveiled a digital-reader partnership with bookseller Barnes & Noble, whose shares soared more than 60%.