This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Microsoft, Netflix: Tech Winners, Losers

(Updates from 1:35 p.m. ET with closing information.)

NEW YORK (TheStreet) -- Technology became the worst-performing sector Thursday, weighing down the Nasdaq, after Microsoft's (MSFT) Windows 8 was blamed for a deep contraction in global PC shipments.

Market research firm IDC said Wednesday global PC shipments dropped 13.9% in the first quarter, the biggest plunge since the firm began monitoring the industry in 1994, driven by a shift in consumer spending to smartphones and tablets and accelerated by the tepid reception to Microsoft's latest version of Windows launched on Oct. 26.

Microsoft has been downgraded by analysts at no less than three brokerage firms, with Goldman Sachs analyst Heather Bellini on Thursday cutting the software giant to sell from neutral and lowering the price target to $27 from $30, reflecting "worsening PC trends and a lack of traction in tablets and smartphones."

Microsoft was dropping 5.04% to $28.75 in afternoon trading.


PC-giant Hewlett-Packard (HPQ) was tumbling 6.63% to $20.84. IDC said its worldwide shipments fell more than 23% year-on-year in the first quarter.

Texas-based Dell (DELL) was off 0.63% as IDC said its shipments fell by more than 10% globally.

Other companies dependent on PC sales were also hit by the report. Intel (INTC) was shedding 2.65% and Seagate Technology (STX) and Advanced Micro Devices (AMD) were giving up more than 4%

Netflix (NFLX) was a bright spot in the tech world, jumping 3.02% to $171.08 after getting some love this morning from Goldman Sachs as the investment bank raised its earnings estimates and price target on the movie provider citing improved subscriber growth and margin expansion.


Closing prices: MSFT ended the day down 4.5% at $28.93, HPQ fell 6.5% to $20.88 and DELL fell 1.2% to $14.04. INTC dropped 2% to $21.93, STX fell 3.1% to $36.53 and AMD was lower by 3.5% to $2.52. NFLX, however, bucked the trend and closed up 4.2% at $173.01.

Written by Andrea Tse in New York

>To contact the writer of this article, click here: Andrea Tse.

Stock quotes in this article: MSFT, HPQ, DELL, INTC, STX, AMD, NFLX 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,501.65 0.00 0.00%
S&P 500 1,878.61 +3.22 0.17%
NASDAQ 4,148.3380 +21.3710 0.52%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs