AMD, H-P shares rise, but Intel slips
9/10/12 4:51 PM ET (MarketWatch)
SAN FRANCISCO (MarketWatch) -- Shares of Intel Corp. fell Monday, weighing down the technology sector and standing out as the worst performer on the Dow Jones Industrial Average.
But the market got a lift from Hewlett-Packard Co. (HPQ) , whose shares rose nearly 1% to close at $17.43 after it said it would cut more jobs than planned as part of its restructuring.
H-P said in a regulatory filing that it plans to cut 2,000 more positions than it previously expected, bringing the total to roughly 29,000 over the next two years. H-P also said its expected restructuring costs will total $3.7 billion, up from $3.5 billion.
Shares of Advanced Micro Devices Inc. (AMD) were also up a fraction, closing at $3.47 after Goldman Sachs upgraded the stock to neutral on valuation.
Intel (INTC) shed 3.8% to close at $23.26. The chip giant last week cut its revenue forecast for the third quarter citing weak demand.
The Nasdaq Composite Index
lost 32 points, or 1%, to close at 3,104.The Morgan Stanley High Tech 35 Index (MSH) slipped 1.5%, while the Philadelphia Semiconductor Index (SOX) fell 1.7%.
Also posting gains were shares of IBM Corp. (IBM) and Yelp Inc. (YELP) . But shares of Apple Inc.(AAPL) , Facebook Inc. (FB) , Cisco Systems Inc. (CSCO) and Microsoft Corp. (MSFT) were in the red.
Shares of Western Digital Corp. (WDC) slipped 1.6% to close at $41.18 after the hard disk drive company announced Chief Executive John Coyne will retire on Jan. 2 and will be replaced by President Steve Milligan.
Shares of Mellanox Technologies Ltd. (MLNX) lost 8.3% to close at $101.65 after the company named a new chief financial officer.