TECH STOCKS: Semiconductor Issues Slow Market - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Business & Finance
05:34 PM

TECH STOCKS: Semiconductor Issues Slow Market

Blue chips finished at levels they haven't seen in nearly two years, but chip stocks dragged down tech-heavy indexes.

The major stock indexes closed mixed on Wednesday as profit-taking and weakness in semiconductors hurt tech stocks, while blue-chip issues hit their highest point in nearly two years.

The InformationWeek 100 fell 4.00 points, or 1.1%, to 348.77, and the Nasdaq index fell 5.53, or 0.3% to 2,142.45. The Nasdaq-100 tracking stock fell 16 cents to $38.38. Less tech-heavy indexes fared better. Meanwhile, the Dow industrials rose 94.96, or 0.9%, to 10,623.62, its highest finish since mid-March 2002, and the S&P 500 rose 8.85, or 0.8%, to 1,147.62.

Telecom equipment maker Lucent Technologies lost 33 cents, or 6.9%, to close at $4.42 after it reported profit results that beat expectations, but forecast future earnings to be flat to only slightly higher. Motorola fell 24 cents, or 1.4%, to close at $16.81 after its fourth-quarter earnings beat expectations, but analysts were less than impressed by a 3% decline in cell-phone sales.

There also was some weakness in semiconductor stocks, with Advanced Micro Devices dropping $1.48, or 8.5%, to close at $15.90. AMD beat analyst forecasts with its first profit in more than two years, but said future sales could decline. Cypress Semiconductor fell 86 cents, or 3.7%, to $22.54; Texas Instruments fell $1.12, or 3.4%, to $32.31; and Intel, the world's largest chipmaker, fell 41 cents, or 1.3%, to $32.20.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
State of the Cloud
State of the Cloud
Cloud has drastically changed how IT organizations consume and deploy services in the digital age. This research report will delve into public, private and hybrid cloud adoption trends, with a special focus on infrastructure as a service and its role in the enterprise. Find out the challenges organizations are experiencing, and the technologies and strategies they are using to manage and mitigate those challenges today.
COVID-19: Using Data to Map Infections, Hospital Beds, and More
Jessica Davis, Senior Editor, Enterprise Apps,  3/25/2020
Enterprise Guide to Robotic Process Automation
Cathleen Gagne, Managing Editor, InformationWeek,  3/23/2020
How Startup Innovation Can Help Enterprises Face COVID-19
Joao-Pierre S. Ruth, Senior Writer,  3/24/2020
Register for InformationWeek Newsletters
Current Issue
IT Careers: Tech Drives Constant Change
Advances in information technology and management concepts mean that IT professionals must update their skill sets, even their career goals on an almost yearly basis. In this IT Trend Report, experts share advice on how IT pros can keep up with this every-changing job market. Read it today!
White Papers
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll