Tech Winners & Losers: Apple
09/12/08 - 03:35 PM EDT
Pia Sarkar
Tech stocks were mostly flat on Friday, in line with the other major market indices.
The tech-heavy Nasdaq added 7 points - or .03% -- to 2265 by late afternoon. Apple(AAPL Quote - Cramer on AAPL - Stock Picks) shares fell after American Technology Research chopped earnings estimates for this year and next. For 2008, the firm now believes Apple will earn $5.29 a share, down from its previous forecast of $5.34 a share. For 2009, it predicts the company will make $6.15 a share, down from $6.35 a share. Apple's stock tumbled 2.1% to $149.46 in afternoon trading. Network equipment maker F5 Networks(FFIV Quote - Cramer on FFIV - Stock Picks) got a lift Friday after J.P. Morgan upgraded the stock to overweight from underweight, noting that the company's new products would strengthen revenue growth. Shares were up 3.9% to $32.24. Video gaming companies felt some pressure after the NPD Group reported late Thursday a slowdown in revenue growth for the sector in August. The research firm showed sales climbing only 13% over last year, far less than the 20%-to-25% growth analysts had been expecting. That marked the lowest year-over-year growth since January. Gaming stocks collectively sunk as a result. GameStop(GME Quote - Cramer on GME - Stock Picks) was down 3.5% to $41.19 while Activision Blizzard(ATVI Quote - Cramer on ATVI - Stock Picks) was down 2.3% to $17.38. Electronic Arts(ERTS Quote - Cramer on ERTS - Stock Picks) was also down 1.3% to $44.98 and THQ(THQI Quote - Cramer on THQI - Stock Picks) fell 1.1% to $13.40.
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