By Benjamin Pimentel
The technology sector traded sideways Thursday morning after
Wednesday's rally, as the broad market edged up on news of higher
profit from J.P. Morgan.
The Nasdaq Composite Index (RIXF) was up a fraction at last
check to 1,864, on track to close the week in the black. The
tech-heavy index was up more than 6% for the week.
Meanwhile, the Morgan Stanley High Tech 35 Index (MSH) slipped
0.5%, while the Philadelphia Semiconductor Index (SOX) declined
0.1%.
The Dow Jones Industrial Average (DJI) added about 10 points on
news that J.P. Morgan (JPM) posted a higher profit in the second
quarter.
Xilinx Inc. (XLNX) weighed down the tech sector, as its shares
fell more than 5% after the chip maker posted a steep drop in
quarterly profit.
Meanwhile, SanDisk Corp. (SNDK) led the sector's gainers, rising
more than 5%. Other advancers included Yahoo Inc. (YHOO),
Hewlett-Packard (HPQ), eBay Inc. (EBAY) and Apple Inc. (AAPL).
Intel Corp. (INTC) was down a fraction. On Tuesday, the chip
giant reported upbeat second-quarter results that triggered a broad
rally.
Other tech giants were also in the red, including Advanced Micro
Devices (AMD), Google Inc. (GOOG), Palm Inc. (PALM) and Sun
Microsystems (JAVA).