MARKET CLOSE: Techs rebound to close higher
Tech stocks recovered from an early stumble Friday to close on a slightly upbeat note ahead of a key Federal Reserve meeting next week.
"It was looking like it was going to be a total bloodbath," said Charles Payne, head analyst at Wall Street Strategies. "Instead, investors are buying on weakness."
The tech-heavy Nasdaq Composite Index rose 27.03 to 2,781.31. The Dow Jones Industrial Average slid 69.54 to 10,659.98. The S&P 500 slipped 2.56 to 1,354.95.
Inter@ctive Week's @100 Index gained 13.53 to 2,735.56.
PMC-Sierra (Nasdaq: PMCS), down $21.88 to $74, rattled shares of communications chipmakers Friday after the company said a severe inventory correction and slumping orders from telecommunications carriers will dent sales and earnings. Analysts cut price targets for Applied Micro (Nasdaq: AMCC), down $1.81 to $76.19 and Broadcom (Nasdaq: BRCM), up $6 to $110.
Egghead.com (Nasdaq: EGGS), down 3 cents to $1.19, said it will fall short of fourth quarter revenue estimates, despite projecting a narrower-than-expected loss for the period, due to softening demand. But officials said the company is still on track to reach profitability in the fourth quarter of this year.