By Benjamin Pimentel
Technology stocks slipped Friday as shares of McAfee Inc. fell
sharply on the security-software maker's report of a 30% profit
drop.
McAfee's (MFE) stock traded down 12.1% to close at $34.75 after
the Santa Clara, Calif.-based company also issued a
weaker-than-expected outlook. The stock hit a 52-week low.
McAfee's decline set the tone for losses as the Nasdaq Composite
Index (RIXF) fell 2% to close at 2,461. The tech benchmark ended
the week down 2.7%, but managed to eke out a 2.6% gain for the
month of April.
Meanwhile, the chip sector took a beating as the Philadelphia
Semiconductor Index (SOX) lost 4.5%.
Shares of Intel Corp. (INTC), Advanced Micro Devices (AMD) and
Nvidia Corp. (NVDA) declined.
Shares of MEMC Electronic Materials (WFR) fell 18.6% to close at
$12.97 after the company reported swinging to a quarterly loss.
QLogic Corp. (QLGC) also saw its shares sink 10.2% to close at
$19.37 after the company posted a loss on a tax charge.
Shares of Monster Worldwide (MWW) fell 2.6% to close at $17.43
after the online job-search company posted a wider loss.
KLA-Tencor Corp. (KLAC) fell 1.8% to close at $34.06. The chip
tools maker's stock rose earlier in the day after the company
reported a profit as sales surged 54%. See story on