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 -0.93% ?was also down, slipping about 0.4% to $447.05 ahead of a planned conference call by hedge-fund giant David Einhorn, who is pressing the company to consider issuing a special preferred stock grant. Einhorn plans to host a conference call at 2 p.m. ET.
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 -1.16% ?give up 0.6% to stand at 3,147. The Morgan Stanley High-Tech Index /quotes/zigman/6015481 MSH -1.40% ?and Philadelphia Semiconductor Index /quotes/zigman/1468249 SOX -1.97% ?both fell more than 1% in early trades.
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 -1.80% ?, SAP /quotes/zigman/126928/quotes/nls/sap SAP -1.92% ?, Intel /quotes/zigman/20392/quotes/nls/intc INTC -2.29% ?, Cisco /quotes/zigman/20039/quotes/nls/csco CSCO -1.30% ?and Microsoft /quotes/zigman/20493/quotes/nls/msft MSFT -1.36% ?were all trading down more than 1%. Facebook /quotes/zigman/9962609/quotes/nls/fb FB -3.56% ?was off more than 3% to $27.58.
Also in the red were shares of Hewlett-Packard /quotes/zigman/229301/quotes/nls/hpq HPQ +0.24% ?which were down a fraction at $16.64 ahead of the Palo Alto, Calif.-based company?s fiscal first-quarter report. See: H-P seen posting earnings drop.
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Shares of VeriFone /quotes/zigman/365296/quotes/nls/pay PAY -39.75% ?were also in full retreat mode, plummeting 38% to $19.80 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 +0.24% ?were up more than 0.8% at $801.59. 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 smart phones, tablets and the mobile Web is a large value creation opportunity for Google,? Kirjner wrote.
Groupon /quotes/zigman/7212269/quotes/nls/grpn GRPN +4.29% ?also traded up 6% on a Piper Jaffray upgrade. Shares of Home Away /quotes/zigman/5675710/quotes/nls/away AWAY +9.82% ?also rallied more than 13% after the online home vacation and rental marketplace company posted upbeat results.
/quotes/zigman/68270/quotes/nls/aapl
US : U.S.: Nasdaq
Volume: 8.88M
Feb. 21, 2013 12:55p
Market Cap$421.50 billion
/quotes/zigman/12633936 US : U.S.: Nasdaq
Volume: 0.00
Feb. 21, 2013 12:55p
/quotes/zigman/6015481 US : NYSE Glb Ind
Volume: 0.00
Feb. 21, 2013 12:55p
/quotes/zigman/1468249 US : PHLX Ind Cur
Volume: 0.00
Feb. 21, 2013 12:40p
/quotes/zigman/76584/quotes/nls/orcl US : U.S.: Nasdaq
Volume: 9.62M
Feb. 21, 2013 12:54p
Market Cap$165.72 billion
Rev. per Employee$323,739
/quotes/zigman/126928/quotes/nls/sap US : U.S.: NYSE
Volume: 795,256
Feb. 21, 2013 12:55p
Rev. per Employee$375,766
/quotes/zigman/20392/quotes/nls/intc US : U.S.: Nasdaq
Volume: 35.25M
Feb. 21, 2013 12:55p
Market Cap$102.53 billion
Rev. per Employee$532,877
/quotes/zigman/20039/quotes/nls/csco US : U.S.: Nasdaq
Volume: 18.57M
Feb. 21, 2013 12:54p
Market Cap$112.53 billion
Rev. per Employee$709,074
/quotes/zigman/20493/quotes/nls/msft US : U.S.: Nasdaq
Volume: 27.69M
Feb. 21, 2013 12:55p
Market Cap$233.45 billion
Rev. per Employee$774,085
/quotes/zigman/9962609/quotes/nls/fb US : U.S.: Nasdaq
Volume: 30.96M
Feb. 21, 2013 12:55p
/quotes/zigman/229301/quotes/nls/hpq US : U.S.: NYSE
Volume: 8.40M
Feb. 21, 2013 12:55p
Rev. per Employee$361,465
/quotes/zigman/365296/quotes/nls/pay US : U.S.: NYSE
Volume: 22.71M
Feb. 21, 2013 12:55p
Rev. per Employee$374,919
/quotes/zigman/93888/quotes/nls/goog US : U.S.: Nasdaq
Volume: 2.25M
Feb. 21, 2013 12:54p
Market Cap$262.41 billion
Rev. per Employee$927,536
/quotes/zigman/7212269/quotes/nls/grpn US : U.S.: Nasdaq
Volume: 11.83M
Feb. 21, 2013 12:54p
Rev. per Employee$190,771
/quotes/zigman/5675710/quotes/nls/away US : U.S.: Nasdaq
Volume: 2.75M
Feb. 21, 2013 12:55p
Benjamin Pimentel is a MarketWatch reporter based in San Francisco. Follow him on Twitter @BenPimentel.
Source: http://feeds.marketwatch.com/~r/marketwatch/software/~3/nNMj66uDToI/story.asp
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