Updated from 12:45 p.m. EDT
Tech stocks were treading water Monday, as light news affected the sector only modestly.
slipped 4.1% after JP Morgan downgraded shares of the hard-drive maker to neutral from overweight. The firm said that pricing remains poor and that Western Digital's strength in notebook and retail revenue will likely cool off. Shares closed down 81 cents to $18.97.
Cadence Design Systems
slid 3% after
The New York Times
reported that a deal to buy the company has stalled because of a disagreement over price. Earlier this month, the paper said that Kohlberg Kravis Roberts and The Blackstone Group were nearing a deal to acquire Cadence. Shares closed down 70 cents to $22.60.
was on the move after the company said its iPhone will debut with more battery life than originally estimated. The company said that the device will feature eight hours of talk time, six hours of Internet use, seven hours of video playback or 24 hours of audio playback. "With 8 hours of talk time, and 24 hours of audio playback, iPhone's battery life is longer than any other 'Smartphone' and even longer than most MP3 players," said Apple CEO Steve Jobs. The iPhone is scheduled to begin shipping on June 29. Shares closed up $4.59, or 3.8%, to $125.09.
Wind River Systems
( WIND) rose 3.5% after the software company announced a $50 million stock buyback program. The company's board said that would be bought in the open market or through privately negotiated transactions. Shares closed up 37 cents to $10.99.
fell 2.1% after the maker of electronic components cut its fourth-quarter earnings and revenue guidance. The company now sees earnings of 30 cents to 34 cents a share on revenue of $780 million to $810 million. Previously, the company said that it would earn 34 cents to 38 cents a share on revenue of $810 million to $850 million. Analysts polled by Thomson Financial project earnings of 36 cents a share on revenue of $834.9 million. "The reduction in estimated revenue and earnings per share is primarily due to lower than expected demand in the mobile phone, consumer and data business, including lingering inventory corrections at some larger customers," the company said. Shares closed down 67 cents to $30.86.
As for the broader technology sector, the Nasdaq 100 was trading up less 2 points to about 1944.