By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) ? Technology stocks trimmed their early losses Monday, but most of the sector still closed in the red, with Microsoft Corp. and Hewlett-Packard Co. among the decliners, as the entire market slumped following the latest fears over the debt crisis in Spain and Greece.
The most-recent debacles involve reports that the International Monetary Fund might stop payments to Greece and Spain last week cutting its gross domestic product outlook through 2014. Read more about latest in the European debt crisis.
Facebook milestone: first earnings report
Facebook hits a new milestone this Thursday: Its first earnings report as a public company. George Stahl has details on The News Hub. Photo: Reuters.
U.S. stocks plunged following the reports out of Europe, and the tech-heavy Nasdaq Composite Index /quotes/zigman/123127 COMP -1.20% ended the day with a loss of 35 points, or 1.2%, to close at 2,890. The Philadelphia Semiconductor Index /quotes/zigman/1468249 SOX -0.92% ?and the Morgan Stanley High Tech 35 Index /quotes/zigman/6015481 MSH -1.20% ?each shed about 1% on the day.
Among sector leaders, Microsoft /quotes/zigman/20493/quotes/nls/msft MSFT -2.77% ?shares fell 83 cents,or almost 3%, to close at $29.28, H-P /quotes/zigman/229301/quotes/nls/hpq HPQ -1.64% ?was off by 30 cents a share, or 1.6%, to end the day at $18.30 and Cisco Systems Inc. /quotes/zigman/20039/quotes/nls/csco CSCO -1.77% ?shares shed 29 cents, or almost 2%, to close at $16.07.
Netflix Inc. /quotes/zigman/87598/quotes/nls/nflx NFLX -2.30% ?shares pulled back by $1.88, or 2.3%, to close at $79.94. The DVD-rental and video-streaming company said it hired former Warner Bros. /quotes/zigman/528906/quotes/nls/twx TWX -3.53% ?executive Kelly Bennett as its new chief marketing officer. Netflix is scheduled to report quarterly results after the close of trading on Tuesday. Read more about concerns about Netflix's growth in streaming service subscribers.
Apple /quotes/zigman/68270/quotes/nls/aapl AAPL -0.08% , which reports quarterly results after Tuesday?s market close, erased almost all of its losses, but still closed down by 47 cents a share at $603.83. Read more about what's expected in Apple's quarterly results.
Yahoo Inc. /quotes/zigman/59898/quotes/nls/yhoo YHOO -0.97% ?shed 15 cents a share to close at $15.76. Former Yahoo chief executive Scott Thompson was named CEO of ShopRunner, an online shopping network that is looking to expand its online payment operations. See story on Thompson.
Research In Motion Ltd. /quotes/zigman/18534/quotes/nls/rimm RIMM +1.25% ?shares managed to close with a gain of 8 cents to close at $6.86. Late Friday, the International Trade Commission ruled that neither RIMM, nor Apple, had violated patents of Eastman Kodak Co. in a case involving image-preview technology.
Earnings reports after the close of trading Monday were expected from Texas Instruments Inc. /quotes/zigman/7971332/quotes/nls/txn TXN -1.58% , VMware Inc. /quotes/zigman/464645/quotes/nls/vmw VMW -0.63% ?and Sanmina-SCI Corp. /quotes/zigman/113972/quotes/nls/sanm SANM -3.10% . All three companies? shares closed with losses.
/quotes/zigman/123127
US : U.S.: Nasdaq
Volume: 0.00
July 23, 2012 5:23p
/quotes/zigman/1468249 US : PHLX Ind Cur
Volume: 0.00
July 23, 2012 5:22p
/quotes/zigman/6015481 US : NYSE Glb Ind
Volume: 0.00
July 23, 2012 7:17p
/quotes/zigman/20493/quotes/nls/msft US : U.S.: Nasdaq
Volume: 55.05M
July 23, 2012 4:00p
Market Cap$252.99 billion
Rev. per Employee$819,144
/quotes/zigman/229301/quotes/nls/hpq US : U.S.: NYSE
Volume: 17.41M
July 23, 2012 4:00p
Rev. per Employee$355,403
/quotes/zigman/20039/quotes/nls/csco US : U.S.: Nasdaq
Volume: 39.96M
July 23, 2012 4:00p
Rev. per Employee$634,403
/quotes/zigman/87598/quotes/nls/nflx US : U.S.: Nasdaq
Volume: 4.42M
July 23, 2012 4:00p
/quotes/zigman/528906/quotes/nls/twx US : U.S.: NYSE
Volume: 13.18M
July 23, 2012 4:00p
Rev. per Employee$860,882
/quotes/zigman/68270/quotes/nls/aapl US : U.S.: Nasdaq
Volume: 17.38M
July 23, 2012 4:00p
Market Cap$565.06 billion
/quotes/zigman/59898/quotes/nls/yhoo US : U.S.: Nasdaq
Volume: 14.82M
July 23, 2012 4:00p
Rev. per Employee$353,180
/quotes/zigman/18534/quotes/nls/rimm US : U.S.: Nasdaq
Volume: 23.84M
July 23, 2012 4:00p
/quotes/zigman/7971332/quotes/nls/txn US : U.S.: Nasdaq
Volume: 9.55M
July 23, 2012 4:00p
Rev. per Employee$387,382
/quotes/zigman/464645/quotes/nls/vmw US : U.S.: NYSE
Volume: 2.57M
July 23, 2012 4:03p
Rev. per Employee$361,687
/quotes/zigman/113972/quotes/nls/sanm US : U.S.: Nasdaq
Volume: 563,326
July 23, 2012 4:00p
Market Cap$603.91 million
Rev. per Employee$139,245
Rex Crum is a reporter for MarketWatch in San Francisco.
Source: http://feeds.marketwatch.com/~r/marketwatch/software/~3/X5wSPV16fA4/story.asp
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