It’s A Gloomy Day For Tech Shares
Technology stocks slipped early today as shares of McAfee Inc (NYSE: MFE) fell sharply on a 30% drop in profits and weaker-than-expected forecasts.
Shares of the Santa Clara, California-based company were down 12.17% to $34.72 to create a new 52-week low. The huge fall in McAfee set the tone for a grim session, where the Nasdaq Composite Index lost 0.6% to 2,498. However, the tech benchmark is on track to end the month in the green.
The chip sector took a beating as the Philadelphia Semiconductor Index fell over 2%. The most prominent losers in the index were Intel Corp (NASDAQ: INTC), Advanced Micro Devices and Nvidia Corp (NASDAQ: NVDA).
Other losers in the Nasdaq Composite were:
MEMC Electronic Materials (NYSE: WFR), which has slipped more than 17% ever since the company announced that it has swung to quarterly losses.
QLogic Corp (NASDAQ: QLGC) shares sank around 9% after the company posted a loss on a tax charge.
Shares of Monster Worldwide (NYSE: MWW) shares are now down over 1% on a wider loss.
Read more from Benzinga's Markets.
