Techs take a dip
November 28, 2001: 5:34 p.m. ET
Sector falls along with overall market, led by chip stocks.
money.cnn.com
NEW YORK (CNN/Money) - Tech shares dipped Wednesday, led by falling chip stocks, in line with an overall drop in U.S. markets.
The Nasdaq composite index closed down 48.00 points at 1,887.97, with Tuesday's report of lower-than-expected consumer confidence numbers and Nokia's lower estimate for 2001 global handset sales still weighing on stocks.
The chip sector fell despite Tuesday's gains in Intel Corp. (INTC: down $0.55 to $31.76, Research, Estimates), the world's largest chipmaker, following the company's affirmation that it will meet fourth-quarter revenue forecasts of between $6.2 billion and $6.8 billion.
Omnivision (OVTI: down $1.10 to $5.14, Research, Estimates), a maker chips used in cameras and PCs, reported a second-quarter loss of 1 cent a share and warned of a third-quarter loss. The company missed analyst estimates by 2 cents, according to First Call's average estimate of a 1 cent profit. A year earlier the company earned 9 cents. |
