Intel leads broad tech losses

“A downgrade for Intel Corp., along with broad-market worries about weak growth in U.S. employment, pushed tech stocks to close with big losses Friday, continuing a slate of bad sector performances since the trading year began,” Rex Crum reports for MarketWatch.

“The action led a broad sell-off in the tech sector that tracked similar weakness across the market. The tech-heavy Nasdaq Composite Index fell 98.03 points, or 3.8%, to close at 2,504,” Crum reports.

“Intel (INTC) led the tech-sector decline, as its shares fell $2, or more than 8%, to $22.67,” Crum reports. “J.P. Morgan analyst Christopher Danely cut his rating on the semiconductor giant and Dow Jones Industrial Average component to neutral from overweight. In a research note, Danely said channel checks suggest that Intel experienced a slowdown in orders late in the fourth quarter that outweighed earlier gains the company made.”

“With Intel leading the retreat, other PC-related stocks also lost ground,” Crum reports.

Full article here.

MacDailyNews Take: Some may see this as an AAPL buying opportunity.

41 Comments

  1. Yesterday MDN linked to a Reuters feed on a share rating by Needham. Here is the gift wrapped present.

    ***
    Jan 3 (Reuters) – Needham & Co initiated Apple Inc (AAPL.O: Quote, Profile, Research) with a “buy” rating and a $235 price target, and said with the surging sales of the Macintosh and the iPhone, Apple is poised to begin the second chapter of its growth story.

    Apple shares rose more than 1 percent but pared early gains and were up 16 cents at $195.0 in late morning trade on the Nasdaq amid volatile trading.

    “The iPod is yesterday’s news. Now the Apple story is all about the Mac and the iPhone,” Needham analyst Charlie Wolf wrote in a note to clients.

    Wolf said he would be a strong buyer of the stock at $180.
    ***

    With today’s close off the target by a nickel, watch the open on Monday. The big guys make their money when the pedestrian is scared. Huge money will be made next week.

  2. MDN is always sure to give apple the credit when its stock goes up, but when it goes down we always hear about the “tech sector retreating” or “broad declines”. They are getting better though, they used to ignore the declines entirely.

  3. The MDN philosophy:
    When Apple goes up, it is the genius of Steve Jobs and Co.

    When Apple goes down it is technical factors related to the broad market and economy (and then throw in the same old clinker: “Some may see this as an AAPL buying opportunity”.)

  4. well kids I would be lying if I didn’t say that it hurt a little today.

    But Just a thought.

    Next earnings report will be the best ever.

    Steve told us that the computers in the pipeline are “off the hook”

    So I say with no reservation, If you can buy and hold for at least 12 months. This is a very very good buy.

    I am Apple Inc. and I am damn sexy.

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  5. How can that be when Republicans tell us the economy is doing so well?

    Because the Democrats would be telling us the same thing if they were in the Oval Office.

    As for AAPL, they took a pretty hard hit for just being among the “broader market” (i.e. no earnings news, etc.). A report of general weak employment growth is hardly a reason to unload Apple stock….

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