This week was ended on Friday with the tech stocks on a mixed note since the drops from the computer-related stocks forced the tech division after a revenue caution from Intel Corp., the semiconductor giant.
The recent jobs report also added to the investor sentiment. The numbers from the Labor Department indicated that 96,000 nonfarm jobs were added by the US economy in August, less than the estimated figures and also less than the 141,000 jobs that were added in July.
Nasdaq Composite Index (COMP +0.02%) could just about move up by lower than 1 point to 3,136.
The shares of Intel (INTC -3.61%) declined 3.6% to end at $24.19 following the lowering of the chipmaker giant’s 3rd quarter revenue prediction. The company now anticipates nearly $13.2 billion 3rd quarter sales.
Intel put the blame of inferior sales outlook on the customers decreasing inventory in supply chain against the normal growth in 3rd quarter inventory; recessing emerging market demand, and softness in enterprise computer market segment.
This outlook has also raised concerns that the forthcoming launch of Microsoft’s (MSFT -1.26%) Windows 8 OS could not direct to a great computer refresh cycle as expected.
The shares of Microsoft fell 1.3% and that of Hewlett Packard (HPQ -0.97%) closed down by around 1 percent at $17.42.
Apart from Intel, there were few more chip stocks in the red line, including Advanced Micro Devices (AMD -5.74%), down by 5.7%; Micron Technology (MU -3.82%), which fell close to 4%; and Nvdia Corp. (NVDA -2.40%), down by 2.4%. The shares of Pandora (P -16.71%) dropped nearly 17%, to end at $10.47
The shares of Audience Inc. (ADNC -63.41%) crashed, dropping over 63% to end at $6.90 after the firm stated on late Thursday that Apple would not use the voice processing chip technology of Audience in the upcoming iPhone generation. Many analysts consequently slashed their ratings on the stock of Audience.
The shares of Apple climbed $4.17 to end at $680.44.
On Friday morning, the shares of Google (GOOG +0.97%) crossed the mark of $700 for the first time after December 2007, increasing 1% to end at $706.15.
This search engine giant has profited almost 19% after its previous quarterly earnings statement on July 19, when the firm exhibited goo earnings on enhancements in its main advertising business. New handsets were introduced in the last 2 weeks from companies like Motorola and Samsung, with these handsets using Google’s Android mobile OS.