Wednesday's Tech Winners & Losers
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Updated from 2:05 p.m. EST with new stock prices
Tech stocks were dragged down Wednesday in part by an analyst downgrade that plunged shares of personal navigation devices maker Garmin>(GRMN Quote), as Wall Street battled a troubling economic forecast from Goldman Sachs(GS Quote).
Garmin plunged 5.3% after the stock was downgraded by a Wall Street firm over fears of increased competition, slowing growth in Europe and margin declines. A Deutsche Securities analyst downgraded the stock to hold from buy and reduced its price target to $90 from $125. Shares were down $4.21 to $75.99.
Microsoft>(MSFT Quote) recovered ground a day after the company said it will buy a Norwegian search engine developer, Fast Search & Transfer, for $1.2 billion. The per-share offer for Fast Search represented a 42% premium above its Jan. 4 closing price. Microsoft was up 99 cents, or 3%, to $34.44. ...
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