Tech Retreats, Apple Falls 0.75% (INTC, AONE, LEAP, SMCI, AAPL, ORCL)
Tech stocks fell and unperformed the broader market as Intel Corporation (NASDAQ:INTC) slid after Morgan Stanley initiated coverage with an underweight rating citing potential margin erosion in the near future.
A123 Systems Inc (NASDAQ:AONE) decreased 18.51% to $0.929 on a traded volume of 942k shares. The Company has filed a “Going Concern” statement. The Company said that it expects significant losses over the next several quarters. The Company is assessing actions to raise capital.
Leap Wireless International Inc (NASDAQ:LEAP) increased 3.47% to $5.97. The Company will start selling Apple iPhone next month. This will make the first prepaid carrier to offer the popular device in the U.S. The Company will offer the iPhone 4S and iPhone 4 with its $55 per month wireless plan beginning on June 22. It will sell the 16-gigabyte iPhone 4S for $499.99 and the older 8-gigabyte iPhone 4 for $399.99.
Jefferies Group restated the rating on the stock with a hold rating on the stock in a report.
Super Micro Computer Inc (NASDAQ:SMCI) plunged 2.0% to $15.68. The Company offers NVIDIA Maximus technology in its latest high-end, enterprise-class X9 SuperWorkstation. This will allow users to simultaneously design, render and simulate on the same workstation, avoiding traditional, time-consuming and costly processing downtime.
Apple Inc (NASDAQ:AAPL) declined 0.85% to $574.15 after surging over 9% in the past few trading sessions. The Chinese regulators gave approval for an Apple device with high-speed wireless-data capabilities, signifying that the U.S. computer maker is one step closer to selling the most recent version of its iPad in China. China’s Telecommunication Equipment Certification Center published on its website that an Apple device with third-generation or 3G data capabilities has been awarded the license required for the company to begin sales in China.
Oracle Corporation (NASDAQ:ORCL) went up 0.61% to $26.31 on a traded volume 4.85 million shares. Nomura Securities maintained a buy rating on the stock with a price target of $32.
The Company announced the newest version of the Oracle NetBeans IDE or integrated developer environment will come with support for the latest versions of PHP and C++.