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