By Benjamin Pimentel
The technology sector traded sideways Thursday morning after
Wednesday's rally, as the broad market also remained flat after
news of higher profit from J.P. Morgan.
The Nasdaq Composite Index (RIXF) was down a fraction at last
check to 1,861, on track to close the week in the black. The
tech-heavy index was up more than 5% for the week.
Meanwhile, the Morgan Stanley High Tech 35 Index (MSH) slipped
0.6%, while the Philadelphia Semiconductor Index (SOX) was mostly
unchanged.
The Dow Jones Industrial Average (DJI) had gained on news that
J.P. Morgan (JPM) posted a higher profit in the second quarter. But
the index later gave up those gains and was down about 10 points at
last check.
Xilinx Inc. (XLNX) weighed down the tech sector, as its shares
fell more than 4% after the chip maker posted a steep drop in
quarterly profit.
Meanwhile, SanDisk Corp. (SNDK) led the sector's gainers, rising
more than 5%. Other advancers included Yahoo Inc. (YHOO),
Hewlett-Packard (HPQ), eBay Inc. (EBAY) and Apple Inc. (AAPL).
Intel Corp. (INTC) was mostly flat. On Tuesday, the chip giant
reported upbeat second-quarter results that triggered a broad
rally.
Other tech giants were in the red, including Palm Inc. (PALM)
and Sun Microsystems (JAVA).
Google Inc. (GOOG) was down a fraction. The Internet giant is
expected to post slower growth when it reports quarterly results
after the closing bell.
IBM Corp. (IBM) was up 0.7% as Big Blue gears up for its own
second-quarter results after the closing bell. The company is
expected to report mostly flat earnings on lower revenue.