PC Makers Struggling After Wit Soundview Downgrade
Wit Soundview
downgraded several PC makers this morning, citing weak October sales and the dangers of price competition amid sluggish demand.
The firm cut its ratings on
Apple
(AAPL) - Get Apple Inc. Report
,
Dell
(DELL) - Get Dell Technologies Inc. Class C Report
and
Intel
(INTC) - Get Intel Corporation Report
to buy from strong buy.
Shares of Apple were recently unchanged at $18.44, while Dell shares were tumbling 7%, or $1.75, to $23.19 in
Nasdaq
trading. Shares of Intel, which today introduced its new Pentium 4 chip, were off 1%, or 44 cents, to $41.13 on the
Nasdaq
TheStreet Recommends
.
Gateway
(GTW)
, whose shares were recently falling 10%, or $3.98, to $35.75, had its rating cut to hold from buy.
Other members of the sector were also generally lower this morning. Shares of
Hewlett-Packard
(HWP)
were recently down 0.7%, or 25 cents, to $35.38, on the Big Board, while shares of
Sun Microsystems
(SUNW) - Get Sunworks Inc. Report
were also in the red at $83.69, down $5.69, or 6.4% in
Nasdaq
trading. But shares of
IBM
(IBM) - Get International Business Machines Corporation Report
recently gained 0.3%, or 31 cents, to $102.25 in
New York Stock Exchange
trading. Shares of
Compaq
(CPQ)
were down 77 cents, or 3.1%, to $24.23.
