SAN FRANCISCO (MarketWatch) � While tech-sector benchmarks gained, Nokia Corp. stood out with big losses Thursday as the handset maker moved to cut 10,000 jobs and shake up its executive ranks.
The Nasdaq Composite Index MSFT �edged higher by 18 points, or 0.6%, to close at 2,836. The Philadelphia Semiconductor Index SOX �and the Morgan Stanley High-Technology Index MSH �each lost a fraction.
/quotes/zigman/162154/quotes/nls/nok NOK 2.50, -0.04, -1.57% /quotes/zigman/161997 NOK1V 1.96, -0.03, -1.46%
U.S.-listed shares of Nokia NOK �fell 16% to close at $2.35 after the Finnish company also cut its earnings forecast, in addition to slashing 10,000 jobs on top of 14,000 job cuts last year. The company also said three top executives � head of markets Niclas Savander, mobile phones leader Mary McDowell, and chief marketing officer Jerri DeVard � will all leave by the end of the month.
Nokia�s seen a one-time position of pre-eminence in mobile phones disappear as more consumers and businesses have taken up Apple Inc.�s iPhone and devices running on Google Inc.�s Android operating system. Nokia has recently bet big on its new Lumia 900 smartphone, which runs Microsoft Corp.�s Windows Mobile operating system.
Apple AAPL �lost a fraction to close at $571.53, while Google GOOG �slipped 0.4% to close at $559.05. But Microsoft MSFT �added nearly 1% to close at $29.34.
Among other tech stocks, Quest Software Inc. QSFT �rose 9% to close at $26.06.
Quest, which makes data-monitoring software, said it received a buyout proposal from an unnamed party for $2.15 billion, or $25.50 a share. It would trumps a $23-a-share offer that private investment firm Insight Venture Partners made in March.
Also Thursday, online gaming company Zynga Inc.ZNGA �fell a fraction to close at $5.03. Shares of Facebook Inc. FB �traded up by 3.7% to close at $28.29.
Meanwhile, shares of Dell Inc. DELL �rose a fraction to close at $12.34, a day after the No. 3 PC maker said it would trim $2 billion in costs over the next three years.
However, Adobe Systems Inc. ADBE �traded down a fraction to close at $31.67 after Jefferies & Co. analyst Ross MacMillan downgraded the software company to hold from buy and lowered his price target to $32 from $38. Recent pricing promotions by Adobe on certain products have put revenue estimates at risk, MacMillan said.
And Internet-based travel companies Expedia Inc. EXPE �gained 0.2% to close at $47.53, while Priceline.com Inc. PCLN �dipped 1% to close at $640.32 while online travel-review company TripAdvisor Inc. TRIP , spun off from Expedia in December 2011, rose 1.4% to close at $44.05. All three companies� shares have risen at least 40% this year, due in large part to demand for hotel rooms. Read Rex On Techs column on Expedia.
No comments:
Post a Comment