The technology sector finished the day bearish after a bullish run in the morning. The sector was down 0.20% at the close of the day after being up more than 0.50% in the early hours of the day. As it fell, it pulled down the Nasdaq with it and the Nasdaq finished the day down 0.29% after also starting the day strong. The tech sector was hampered by a pitiful Facebook (FB), which was down 8.90%, and continuing fears about Greece.
- ChinaCache Internatnl Hldgs (CCIH) up 20.89%
- PFSweb (PFSW) up 19.46%
- Ariba (ARBA) up 19.21%
- ParkerVision (PRKR) up 15.20%
- Socket Mobile (OTCQB:SCKT) up 11.88%
- MGT Capital Investments (MGT) down 22.22%
- Dynasil Corporation of America (DYSL) down 18.51%
- Zoom Techologies (ZOOM) down 13.85% and 1.79% after hours
- eFuture Information Technology (EFUT) down 10.86%
- Sky Mobi Ltd (MOBI) down 9.29%
- Microsoft (MSFT) opened up its So.cl social networking service which is meant as an experiment rather than a challenge to Facebook and Linkedin (LNKD). It integrates with Facebook and you can log on using your Facebook login details.
- Lenovo (OTCPK:LNVGY), one of the largest PC makers, reports a large increase in annual profit due to strong demand from China. It made $473 million this year which is $200 million more than it made in its fiscal year ended March 31st 2011. It shipped 35% more PCs globally this year
- Google (GOOG) has finished its $12.5 billion acquisition of Motorola Mobility (MMI) after Chinese regulators allowed it to happen. It is the largest acquisition by Google in the company's short history and will move Google into direct competition with Apple (AAPL) for the first time as Google starts to manufacturer tablets and phones. In other news, Google is also facing an antitrust accusation from the European Commission which claims Google abused its dominant position in the market, something Google denies.
- Morgan Stanley (MS), Goldman Sachs (GS), and JP Morgan (JPM) have all come under fire for allegedly altering their revenue forecasts for Facebook in the midst of its IPO and only informing institutional investors. There is an ongoing argument about whether this is in breach of the banks' fiduciary duties to their clients.