Stocks ended near session lows after Ireland's credit rating was cut to junk by Moody's Investors Services, erasing a small rally triggered by minutes of the Federal Reserve’s latest meeting. Tech stocks were mostly in the red, weighed down by steep declines in semiconductor shares led by Novellus Systems and Microchip Technology. Novellus dropped 11.2% after reporting a weaker-than-expected outlook. Major chip stocks posted sharp losses, including AMD, Texas Instruments and Applied Materials. In the evening trade Electronic Arts lost 3.4% after the co. announced it would purchase PopCap. Implied volatility inched higher above the 20 level on heavy volumes.
Wednesday, July 13, 2011
Extended losses on Irish debt downgrade
Stocks ended near session lows after Ireland's credit rating was cut to junk by Moody's Investors Services, erasing a small rally triggered by minutes of the Federal Reserve’s latest meeting. Tech stocks were mostly in the red, weighed down by steep declines in semiconductor shares led by Novellus Systems and Microchip Technology. Novellus dropped 11.2% after reporting a weaker-than-expected outlook. Major chip stocks posted sharp losses, including AMD, Texas Instruments and Applied Materials. In the evening trade Electronic Arts lost 3.4% after the co. announced it would purchase PopCap. Implied volatility inched higher above the 20 level on heavy volumes.
