Tech Loser: Apple Slips Under $400 to Lead Sector Lower

NEW YORK ( TheStreet) -- Technology stocks sank Wednesday led by Apple ( AAPL) as first-quarter earnings tktk

Apple shares briefly fell below $400 for the first time since December 2011 on the back of weaker-than-expected-results from one of its suppliers, Cirrus Logic ( CRUS). Apple declined 5.5% on the day to $402.80.

Google ( GOOG) shed 1.4% to $782.56 after Microsoft ( MSFT) came to an agreement with Foxconn parent company Hon Hai that said all Android or Chrome devices produced by Hon Hai group manufacturers would result in royalty payments to the world's largest software maker. The news was disappointing to Google, which is in a bitter patent war with Microsoft over the technologies.

Google reports first-quarter earnings after the bell on Thursday.

eBay ( EBAY) lost 1.6% to $56.10 ahead of its first-quarter earnings call held after the close. The company was expected to post quarterly profit of 62 cents a share on revenue of $3.76 billion.

Yahoo! ( YHOO) dipped 0.4% to $23.70 after the company's first-quarter earnings call revealed the core of its business continues to take a long time to turn around, taking some off shine off CEO Marissa Mayer.

Intel ( INTC) bucked the trend of technology declines as the stock recovered from an early-morning sell-off after the world's largest semiconductor maker posted earnings that fell below forecasts. The company also projected revenue broadly in line with Wall Street's forecast of $12.85 billion. Shares closed on a gain of 0.1% to $21.93.

Top PC maker Hewlett-Packard ( HPQ) skid 2.62% to $20.49 after Intel's disappointing numbers.

Written by Andrea Tse in New York

>To contact the writer of this article, click here: Andrea Tse.

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