Tech stocks struggled Friday as the major averages trended downward after a two-day rally. The tech-heavy Nasdaq composite was at 2338.85, down 22.07, or 0.9%, in afternoon trading.
continued to slide, down $4.49, or 3.3%, to $131.11 in recent trading.
The stock is now down 6.4 percent since the company announced sluggish iPod sales and a disappointing forecast for the current quarter earlier in the week.
For the current quarter, Apple is forecasting $6.8 billion in revenue and EPS of 94 cents. Analysts were expecting $6.98 billion in revenue and EPS of $1.09.
shares were flat, trading at $33.19, down 6 cents, or 0.18%, in recent trading. On Thursday, the bellwether tech stock delivered impressive second-quarter results and an optimistic guidance for the current fiscal year, which ends in June.
The software giant has enjoyed strong sales and bookings for its Windows Vista operating system and appears well-positioned for an economic downturn because 60 percent of its sales are overseas.
were up on a strong earnings report and an analyst upgrade.
The company, which makes chips for consumer appliances, reported $80.1 million in net income, or 38 cents a share, on $252.6 million in revenue for the third quarter, compared with $72.8 million in net income, or 33 cents a share, on $251 million in revenue a year ago. An analyst for Credit Suisse upgraded the stock to outperform from neutral.
Sun Microsystems (JAVA)
were up 20 cents, or 1.24%, to $16.32 in recent trading.
The company, which is trying to return to profitability, posted $260 million in net income, or 31 cents a share, in the quarter ended on Dec. 30, vs. $133 million in net income, or 15 cents a share, the year before. Analysts were expecting an EPS of 30 cents.
was up 35 cents, or 1.33%, to $26.65.
The Sunnyvale, Calif. company posted strong sales of its networking equipment in the fourth quarter.
Sales were up 36 percent to $809 million from $595 million in the prior year. Net income was $504 million, or 87 cents a share, compared to $440 million, or 73 cents a share, in the year-ago quarter.
This article was written by a staff member of TheStreet.com.