By Benjamin Pimentel
The tech sector slid deeper into the red Friday, weighed down by
losses in shares of semiconductor companies.
The Nasdaq Composite Index (RIXF) lost 1.8% to 1,972, as chip
shares sank, led by Texas Instruments Inc. (TXN), Intel Corp.
(INTC) and Nvidia Corp. (NVDA)
The tech-heavy index seemed poise to close the week in the red.
The Nasdaq was down 1.4% for the week at last check.
The tech sector also was caught in a broader market sell-off,
with investors reacting to a report about a decline in consumer
sentiment. The Dow Jones Industrial Average (DJI) was down more
than 130 points in afternoon trading.
The Philadelphia Semiconductor Index (SOX) fell 2.6%, while the
Morgan Stanley High Tech 35 Index (MSH) was off 1.7%.
The tech sector found some solace in Autodesk Inc. (ADSK), which
saw its shares jump more than 4%. Late Thursday, the software maker
reported better-than-expected earnings for the second quarter.
Gains also came from Research In Motion Ltd. , Palm Inc. (PALM)
and Rambus Inc. (RMBS)