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TECH STOCKS: Tech Stocks Weaken; H-P Earnings On Tap

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08/20/2014 | 10:56am EST

By Rex Crum, MarketWatch

SAN FRANCISCO (MarketWatch) -- Tech stocks were on track for a mostly negative trading session Wednesday, with Hewlett-Packard Co. edging into the red in advance of the tech giant's quarterly earnings report, due after the close of trading.

H-P (>> Hewlett-Packard Company) was off by a penny a share at $35.47 as the company prepared to deliver its fiscal third-quarter results. Analysts surveyed by FactSet estimate H-P will earn 89 cents a share on $27.03 billion in revenue for the quarter.

Infineon Technologies AG was down 2% at $11.36 following reports that the German technology company was close to a deal for a U.S.-based semiconductor maker for $2 billion. Infineon has been looking to make a major acquisition since Reinhard Ploss became chief executive in 2012.

Apple Inc. (>> Apple Inc.) reached an all-time intraday, split-adjusted high of $100.77 a share before pulling back to $100.13. Anticipation is growing that Apple will unveil the iPhone 6 at a company event on Sept. 9.

Microsoft Corp. (>> Microsoft Corporation) shed 24 cents to $45.09 a share. On Tuesday, the software titan said former Chief Executive Steve Ballmer was stepping down from the company's board of directors.

Other declines came from Google Inc. (>> Google Inc), Pandora Media Inc. (P), IBM Corp. (>> International Business Machines Corp.) and Facebook Inc. (>> Facebook Inc). (Read more about the day's notable movers here: http://www.marketwatch.com/story/target-lowes-petsmart-report-earnings-wednesday-2014-08-19.)

The tech-heavy Nasdaq Composite Index (RIXF) shed 4 points to 4,522, while the Philadelphia Semiconductor Index (SOX) was up 0.5%. Follow U.S. stock-market action here.

Stocks mentioned in the article
ChangeLast1st jan.
APPLE 0.34% 153.8705 Delayed Quote.-2.81%
DJ INDUSTRIAL 0.54% 24533.08 Delayed Quote.4.62%
FACEBOOK -1.28% 145.49 Delayed Quote.12.57%
HEWLETT-PACKARD COMPANY -1.50% 26.96 End-of-day quote.-32.82%
INTERNATIONAL BUSINESS MACHINES CORPORATION 7.71% 131.97 Delayed Quote.7.79%
MICROSOFT CORPORATION 0.61% 106.2345 Delayed Quote.6.05%
NASDAQ 100 0.38% 6667.1064 Delayed Quote.7.18%
NASDAQ COMP. 0.33% 7039.7616 Delayed Quote.7.87%
PANDORA MEDIA INC -0.42% 8.36 Delayed Quote.3.83%
S&P 500 0.33% 2638.08 Delayed Quote.6.54%
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