Although the tech sector started bullish, it quickly headed south over worry about how effective a Spanish bailout would be. The tech sector finished down 1.66%, the second worst performing sector behind capital goods. However, the sector is still up more than 3.00% since last Monday.
Unsurprisingly, the Nasdaq was the worst performing index due to the lackluster performance by tech stocks. The Composite ended the day down 1.70%. The S&P 500 and The Dow Jones were also down, registering decreases of 1.26% and 1.14% respectively.
Last week, on Monday's Tech Recap, I said that Nokia (NOK) was the stock to watch. It went up 14.39% over the course of the week. Today, as rumors of a buy faded, the stock fell 8.28%. However, this has created an opportunity for investors. If a buyout had come to fruition, of course the stock would have gone up. Nevertheless, the stock should not have fallen off the failure to secure a buyout. Nokia is severely undervalued whether it is going to get bought out or not. With a price/sales of 0.20 and a price/book of 0.70, I believe it is still the stock to watch going forward, with a significant upside, and limited further downside.
- NeoPhotonics Corp (NPTN) up 11.24%
- KIT digital (KITD) up 8.92%
- Hollysys Automation Technologies (HOLI) up 8.25%
- Formula Systems (1985) (FORTY) up 7.40%
- Sapiens International Corporation (SPNS) up 6.91%
- ModusLink Global Solutions (MLNK) down 34.74%
- Ubiquiti Networks (UBNT) down 12.24%, but up 7.11% after hours
- Comtech Telecomm. Corp. (CMTL) down 9.31%
- Elephant Talk Communications (ETAK) down 9.05%
- Kulicke and Soffa Industries (KLIC) down 8.73%
- Apple (AAPL) has done away with Google's (GOOG) mapping software, Google Maps. iOS 6, the new mobile operating system, will be released in beta on Tuesday, and uses Apple's own mapping software. The update to OS X lion will come in July and will similarly use Apple's own mapping software. (here)
- ARM (ARMH) has made the bold claim that Intel (INTC) poses no threat to it in the smart phone market. Intel's Atom processor made a solid entry in the smart phone market with deals with Lenovo and Motorola to help it forward. Its processors are more powerful than ARM's, however, ARM's are more energy efficient. Consequently, the landscape of the smart phone processor market will undoubtedly be shaped by which one the major smart phone producers find more appealing, battery life or power. (here)
Disclosure: I am long NOK.