Thursday's Tech Recap

by: Rupert Nicholson

The technology sector remained bearish throughout the day yesterday. At the close of the market, the tech sector was down 0.97% for the day. It was the worst-performing sector and dragged the Nasdaq back into negative growth. Most of the larger companies, such as Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL), were largely unchanged; however, some of the smaller companies suffered large blows to their share prices. NetApp (NASDAQ:NTAP) fell by 12.29% off of poor Q4 financial data, while OmniVision Technologies (NASDAQ:OVTI) fell more than 8%.

Top Gainers

  • MGT Capital Investments (NYSEMKT:MGT) up 26.60%
  • Vringo (VRNG) up 24.63%, but down 4.13% after hours
  • Pandora Media (NYSE:P) up 12.29%
  • Asia Pacific Wire & Cable (NASDAQ:APWC) up 11.38%
  • Optical Cable Corporation (NASDAQ:OCC) up 9.67%

Top Losers

  • LDK Solar Co. (NYSE:LDK) down 15.08%, but up 4.25% after hours
  • NetApp down 12.29%
  • JinkoSolar Holding Co. (NYSE:JKS) down 8.35%, but up 5.00% after hours
  • OmniVision Technologies down 8.25%
  • F5 Networks (NASDAQ:FFIV) down 7.88%

Key Events

  • Facebook (NASDAQ:FB) has released a new camera app, which appears to incorporate many of the features Instagram has. Its new camera app allows users to edit their photos and also add filters. Facebook still intends to keep Instagram intact; however, it has adopted many of Instagram's core features into its own camera app.
  • Hewlett-Packard's (NYSE:HPQ) CEO Meg Whitman has said that the recent 27,000 job cuts are just the beginning of an attempt to increase profitability. She has stated there will be a top-to-bottom reorganization, and that the company is only "10 to 15 percent" on the way to accomplishing its profitability goals. It has "laid a lot of groundwork" so far.
  • Huawei, a Chinese telecom equipment maker, has filed an antitrust suit against a U.S. company, InterDigital (NASDAQ:IDCC). Huawei alleges that InterDigital is abusing its market position by charging overly expensive fees to use its patented 3G technology. InterDigital denies the charge and says it is "committed" to upholding the law, which calls for "fair, reasonably, and non-discriminatory licensing practice by technology patent holders."

Disclosure: I am long TEF, VIV, ZAGG.

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