Tech sector weakens, Momentum for techs wanes as economic, earnings outlook becomes less optimistic; Nasdaq ends in the red.
February 26, 2002: 4:31 p.m. ET
money.cnn.com
NEW YORK (CNN/Money) - Technology stocks wavered Tuesday as a report that showed American consumers' confidence in the economy had deteriorated in February squelched the momentum with which sector stocks began the week.
Semiconductor stocks, the top performers in Monday's rally, were among the biggest decliners Tuesday. Most of the other technology segments ended mixed.
The Nasdaq composite index, which is weighted heavily with technology names, ended the session 3.02 points lower at 1,766.86.
Shares of Intel (INTC: down $1.00 to $30.02, Research, Estimates), the world's largest supplier of computer chips, were among the most actively traded on Nasdaq, ending the session nearly 2.9 percent lower.
The company this week is hosting its annual developers conference, which historically it has used as a venue to promote its new products and most advanced technology. Several analysts had recommended investors buy Intel shares ahead of the event.
Its stock rose sharply on Monday, mirroring a broader trend in the tech sector. But so far, the company's lineup and outlook has been getting a lukewarm reception at best. |
