Tech stocks were battered along with the wider market Friday as investors fled equities amid a worse-than-expected jobs report from the U.S. Labor Department.
was sinking another 2.8%, a day after Steve Jobs
apologized to early iPhone buyers for cutting the much-hyped device's price by $200 just months after it was released. Apple also offered a $100 store credit for those buyers. The price cut, which happened Wednesday, spooked investors concerned the reason behind it could be sluggish sales.
The decline continued a difficult week for Apple shares, which lost $9.15, or 6.3% on Wednesday and Thursday. Shares were down $3.71 to $131.30 on Friday.
Apple was among the worst performers on the Nasdaq 100 Friday, which also saw components
fall more than 4% each. The index was shedding more almost 39 points to about 1960.
fell 3.6% after reporting slipping quarterly sales. The chipmaker,
reporting after Thursday's bell, posted revenue of $471.5 million, vs. $541.4 million in the same quarter last year. While the company beat analysts' earnings estimates of 25 cents a share on revenue of $467.4 million, investors were unimpressed. Shares fell 95 cents to $25.63.
was sinking 15.1% after the application software maker reported preliminary fiscal first-quarter 2008 results that disappointed investors after Thursday's bell. The company reported adjusted earnings, excluding stock-based compensation expense and acquisition-related amortization, of $2.2 million, or 8 cents a diluted share, compared to $1.6 million, or 6 cents a diluted share, for the comparable period last year. Revenue grew to $21.7 million, from $20.2 million in the year-ago period. Analysts polled by Thomson Financial expected earnings of 10 cents a share on revenue of $22 million.
Davenport on Friday downgraded the stock to neutral from buy. Shares fell $1.78 to $9.99.
One tech stock rising amid the market's slide is
The wireless technology provider boosted its third-quarter guidance, saying it expects revenue in the range between $55.5 million to $56.5 million, up from $53.5 million to $54.5 million. InterDigital also expects a $20 million payment "in the near future" in connection with a recently signed licensing agreement. Analysts polled by Thomson Financial expect $54.8 million in revenue. Shares gained $2.62, or 12.4%, to $23.83.