Tech stocks got pummeled on Friday, with computer maker
dragging down the rest of the sector after reporting disappointing earnings.
The Nasdaq lost 38 points, or 1.6%, to 2374 in recent trading.
Dell's shares fell 13.1% to $21.91 one day after posting a 17% drop in second- quarter profit from a year ago. The company attributed the results to its decision to cut the prices of many of its products as it expanded sales to consumers across the globe.
Second-quarter sales for Dell were up 11% year-over-year and ahead of analysts' expectations. But investors were spooked by a gross margin slide to 17.2% from 20% a year ago. UBS on Friday lowered its 2009 earnings estimates for Dell to $1.44 a share from $1.61 a share and cut its price target to $26 from $27.
saw its shares fall 4.6% to $14.08 after beating Wall Street's earnings estimates but providing only a modest outlook for the third quarter.
rose 4.7% to $6.29 after topping analysts' expectations for the third quarter, helped by a surge in sales of Linux software. The company raised its operating margin outlook for the year to range between 8% and 10%, up from its previous guidance of 7% to 9%.
OmniVision's shares were up 9.2% to $11.83 on Friday even after missing analysts' estimates for first quarter earnings the day before. The company was hurt by lower average selling prices, and a weak second-quarter revenue outlook.
fell 1.7% to $20.95 after rejecting an unsolicited bid from
. The chipmaker called the proposal "inadequate, opportunistic and not in the best interests of International Rectifier and its shareholders."
Vishay's stock was down $1.8% to $8.91. Two weeks ago, it had made an offer to buy International Rectifier for $1.6 billion.