Tech stocks lost steam in afternoon trading. Electronic Arts remained a standout, rising 11%. Cisco shares managed to rise 1.5% to close ahead of the company's quarterly results, due after the market close. Other bellwether tech stocks remaining in positive territory were Apple, Intel, Microsoft, etc. In after-hours trade the Cisco forecast pushed shares down 4% as investors feared the world's biggest maker of routers and switches may be facing a freeze in technology spending. Cisco's warning also dragged down Nasdaq futures, suggesting some turbulence could hit the tech sector today.
Thursday, February 5, 2009
Failed to break out after downbeat earnings
Tech stocks lost steam in afternoon trading. Electronic Arts remained a standout, rising 11%. Cisco shares managed to rise 1.5% to close ahead of the company's quarterly results, due after the market close. Other bellwether tech stocks remaining in positive territory were Apple, Intel, Microsoft, etc. In after-hours trade the Cisco forecast pushed shares down 4% as investors feared the world's biggest maker of routers and switches may be facing a freeze in technology spending. Cisco's warning also dragged down Nasdaq futures, suggesting some turbulence could hit the tech sector today.
