Tech Winners & Losers: Apple - TheStreet

Tech Winners & Losers: Apple

Apple shares rise after AT&T announces the pricing of the new iPhones.
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Updated from 2:28 p.m. EDT with new stock prices

Tech stocks were down Tuesday along with the major market indices as investors grappled with another

jump in oil prices

and continued concerns about the economy.

Apple's

(AAPL) - Get Report

stock was up $7.20, or 4.3%, to $174.64, helped in part by

AT&T's

(T) - Get Report

announcement

that it will offer the iPhone without a contract at $599 for the 8-GB iPhone or $699 for the 16-GB version.

AT&T's move put pressure on

Sprint Nextel

(S) - Get Report

, which fell 67 cents, or 7.1%, to $8.83.

Yahoo!

(YHOO)

shares slumped 49 cents, or 2.4%, to $20.17,

down to

where the stock was before

Microsoft

(MSFT) - Get Report

made a $31 a share offer for the company earlier this year. Yahoo had rejected Microsoft's offer, saying it undervalued the company. Talks between the two fizzled out a few weeks ago.

Sandisk

(SNDK)

lost $1.06, or 5.7%, to $17.64. An analyst at Pacific Crest cut his second quarter and fiscal 2008 estimates for the company.

The NAND industry is seeing excessive supply that has sent prices downwards, said Kevin Vassily in a research note. Sandisk may also be contemplating a round of layoffs, signaling the company expects the weakness to last beyond the second quarter, he added.

Chip maker

Micron Technology

(MU) - Get Report

lost 21 cents, or 3.5%, to $5.79, a day after the Semiconductor Industry Association released its monthly chip sales report. SIA said the sales of DRAM memory chips increased 6.4% sequentially in May, but declined 20% year over year. The overcapacity of memory chips

squeezed

Micron's profit margin last quarter and many analysts believe the company could face more pain.

Handset maker

Nokia

(NOK) - Get Report

shed 34 cents, or 1.4%, to $24.16 after an analyst at Bernstein Research started coverage of the stock with a underperform rating. Nokia is likely to face a slowdown in demand, increased pressure on its margins and a loss of market share, the analyst said in a research note.