By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch)?Technology stocks took another hit Thursday morning following a harsh selloff in the previous session, as large-cap players like Facebook, Oracle and Intel came under selling pressure.
Apple CEO Tim Cook, left, and hedge-fund manager David Einhorn.Apple /quotes/zigman/68270/quotes/nls/aapl AAPL -0.61% was down 1% at $444.31 as hedge-fund giant David Einhorn kicked off his conference call on the company. Einhorn is waging a campaign to press the company to consider issuing a special preferred stock grant. See: Live blog of Einhorn Apple call.
In an interview with AllThingsD, Einhorn said his proposal offers a ?win-win? for both Apple and its shareholders. ?We have a solution that allows shareholders to see that value and Apple to keep that cash,? he added. See: Einhorn on 'win-win' proposal to Apple
Apple?s retreat set the tone for a downbeat trading session, which saw the Nasdaq Composite Index /quotes/zigman/12633936 COMP -1.04% give up 1.4% to stand at 3,121. The Morgan Stanley High-Tech Index /quotes/zigman/6015481 MSH -1.22% gave up 1.6%, while the Philadelphia Semiconductor Index /quotes/zigman/1468249 SOX -1.78% fell 2.4%.
The tech sector retreat followed Wednesday?s broader market selloff sparked by investor concern over the Federal Open Market Committee?s January meeting minutes that revealed differences over monetary policy. See: Market Snapshot.
Among large-cap tech names, Oracle /quotes/zigman/76584/quotes/nls/orcl ORCL -2.00% , SAP /quotes/zigman/126928/quotes/nls/sap SAP -2.07% , Intel /quotes/zigman/20392/quotes/nls/intc INTC -2.29% , Cisco /quotes/zigman/20039/quotes/nls/csco CSCO -1.63% and Microsoft /quotes/zigman/20493/quotes/nls/msft MSFT -1.40% were all trading down more than 1%. Facebook /quotes/zigman/9962609/quotes/nls/fb FB -4.19% was off more than 4% to $27.27.
Why Google may go to $1,000
YouTube, mobile and better search revenues may push Google as high as $1,000 a share, analysts believe.
Shares of Hewlett-Packard /quotes/zigman/229301/quotes/nls/hpq HPQ +2.34% rebounded, and were up a fraction to $16.81 ahead of the Palo Alto, Calif.-based company?s fiscal first-quarter report. See: H-P seen posting earnings drop.
But shares of VeriFone /quotes/zigman/365296/quotes/nls/pay PAY -42.77% were in full retreat mode, plummeting 42% to $18.33 after the company drastically cut its estimates for its fiscal first quarter.
On the upside, shares of Google Inc. /quotes/zigman/93888/quotes/nls/goog GOOG +0.38% were up a fraction at $792.56. The Internet powerhouse?s stock hit an all-high recently, rising above $800 for the first time in its history.
And the stock will probably go higher, Bernstein Research analyst Carlos Kirjner argues in a note raising the price target to $1,000. ?We believe mass adoption of smartphones, tablets and the mobile Web is a large value creation opportunity for Google,? Kirjner wrote.
Groupon /quotes/zigman/7212269/quotes/nls/grpn GRPN +3.40% traded up 2% on a Piper Jaffray upgrade. Shares of Home Away /quotes/zigman/5675710/quotes/nls/away AWAY +13.42% also rallied more than 10% after the online home vacation and rental marketplace company posted upbeat results.
/quotes/zigman/68270/quotes/nls/aapl
US : U.S.: Nasdaq
Volume: 14.94M
Feb. 21, 2013 3:59p
Market Cap$421.50 billion
/quotes/zigman/12633936 US : U.S.: Nasdaq
Volume: 0.00
Feb. 21, 2013 3:59p
/quotes/zigman/6015481 US : NYSE Glb Ind
Volume: 0.00
Feb. 21, 2013 3:59p
/quotes/zigman/1468249 US : PHLX Ind Cur
Volume: 0.00
Feb. 21, 2013 3:44p
/quotes/zigman/76584/quotes/nls/orcl US : U.S.: Nasdaq
Volume: 17.90M
Feb. 21, 2013 3:59p
Market Cap$165.72 billion
Rev. per Employee$323,739
/quotes/zigman/126928/quotes/nls/sap US : U.S.: NYSE
Volume: 1.00M
Feb. 21, 2013 3:59p
Rev. per Employee$375,766
/quotes/zigman/20392/quotes/nls/intc US : U.S.: Nasdaq
Volume: 55.43M
Feb. 21, 2013 3:59p
Market Cap$102.53 billion
Rev. per Employee$532,877
/quotes/zigman/20039/quotes/nls/csco US : U.S.: Nasdaq
Volume: 29.65M
Feb. 21, 2013 3:59p
Market Cap$112.53 billion
Rev. per Employee$709,074
/quotes/zigman/20493/quotes/nls/msft US : U.S.: Nasdaq
Volume: 44.52M
Feb. 21, 2013 3:59p
Market Cap$233.45 billion
Rev. per Employee$774,085
/quotes/zigman/9962609/quotes/nls/fb US : U.S.: Nasdaq
Volume: 47.48M
Feb. 21, 2013 3:59p
/quotes/zigman/229301/quotes/nls/hpq US : U.S.: NYSE
Volume: 25.07M
Feb. 21, 2013 3:59p
Rev. per Employee$361,465
/quotes/zigman/365296/quotes/nls/pay US : U.S.: NYSE
Volume: 46.98M
Feb. 21, 2013 3:59p
Rev. per Employee$374,919
/quotes/zigman/93888/quotes/nls/goog US : U.S.: Nasdaq
Volume: 3.33M
Feb. 21, 2013 3:59p
Market Cap$262.41 billion
Rev. per Employee$927,536
/quotes/zigman/7212269/quotes/nls/grpn US : U.S.: Nasdaq
Volume: 20.07M
Feb. 21, 2013 3:59p
Rev. per Employee$190,771
/quotes/zigman/5675710/quotes/nls/away US : U.S.: Nasdaq
Volume: 3.77M
Feb. 21, 2013 3:59p
Benjamin Pimentel is a MarketWatch reporter based in San Francisco. Follow him on Twitter @BenPimentel.
Source: http://feeds.marketwatch.com/~r/marketwatch/internet/~3/nNMj66uDToI/story.asp
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