Stocks closed down as worries over stalled global growth prospects and concerns that European leaders may not be moving fast enough to solve the region’s debt problems persisted. Tech stocks slid into the red as falling semiconductor shares weighed the sector down. The chip retreat was led by Advanced Micro Devices, which fell 5.2%, while SanDisk declined 3.3%. Amazon ended up 2.5% after the co. unveiled its Kindle Fire tablet computer, a device both less costly and smaller than Apple’s iPad. Microsoft lost only 0.4%, after the co. said it would expand a partnership with South Korea’s Samsung. After-hours Jabil Circuit rose 8.4% on upbeat earnings and a stronger-than-expected outlook. Seyrafi initiated coverage of Cisco Systems with an outperform rating, but Cisco fell 1.4%. AMD retreated 9.1% after the co. cut its third-quarter sales forecast, citing manufacturing issues. Intel fell 1.3% after announcement that the co. and Samsung Electronics would support a new operating device for mobile devices and other products. Implied volatility surged higher on very light volumes.
Thursday, September 29, 2011
Down on worries over global growth prospects
Stocks closed down as worries over stalled global growth prospects and concerns that European leaders may not be moving fast enough to solve the region’s debt problems persisted. Tech stocks slid into the red as falling semiconductor shares weighed the sector down. The chip retreat was led by Advanced Micro Devices, which fell 5.2%, while SanDisk declined 3.3%. Amazon ended up 2.5% after the co. unveiled its Kindle Fire tablet computer, a device both less costly and smaller than Apple’s iPad. Microsoft lost only 0.4%, after the co. said it would expand a partnership with South Korea’s Samsung. After-hours Jabil Circuit rose 8.4% on upbeat earnings and a stronger-than-expected outlook. Seyrafi initiated coverage of Cisco Systems with an outperform rating, but Cisco fell 1.4%. AMD retreated 9.1% after the co. cut its third-quarter sales forecast, citing manufacturing issues. Intel fell 1.3% after announcement that the co. and Samsung Electronics would support a new operating device for mobile devices and other products. Implied volatility surged higher on very light volumes.
