Updated from 11:49 a.m. EDTTech stocks moved sharply lower with the wider market Thursday, as a big earnings beat from stalwart Apple ( AAPL - Get Report) could not trump poor earnings elsewhere in the sector. The maker of the iPod and iPhone rose 6.4% Thursday, after
Chipmaker Micrel ( MCRL) plunged 21.7%, after reporting declining second-quarter profits and guiding to the low end of analysts third-quarter estimates. Net income dipped to $8.6 million, or 11 cents a share, from $9 million, or 11 cents a share, in the year-ago period. The company said it expects third-quarter earnings of between 12 cents and 13 cents per share. Analysts polled by Thomson Financial expect earnings of 13 cents a share. Shares fell $2.88 to $10.37. There were some big winners in the tech market. Business software maker Omniture soared 22.5% after Piper Jaffray upgraded it to market perform from underperform, the morning after the business software maker reported an unexpected surge in second-quarter revenue and guided higher for the year. The company now expects revenue of between $141 million to $142 million, on profits of between 16 cents and 18 cents per share. Analysts polled by Thomson Financial expect earnings of 9 cents a share on revenue of $139.2 million. Shares advanced $4.76 to $25.96. Baidu.com ( BIDU - Get Report) shares skyrocketed 14.1%, after Citigroup returned it to a buy rating, after downgrading it to hold earlier this month. That came the morning after the stock
blew away earnings expectations Wednesday after the bell. The Chinese Internet company's shares closed up $25.83 to $209.06.