The tech sector opened lower on Thursday after rising 7-day in a row as if yesterday with the broader market. Today’s sell off came amid poor economic data across the globe including U.S., China and the euro zone. Technology SPDR (ETF)(NYSEARCA:XLK) was down 0.50%.
Earlier, China and Europe had reported slower growth, while U.S weak U.S employment put further pressure. Manufacturing activities in China slipped for the 11th consecutive month h in September. in the euro zone, a downturn in activity in the service sector steepened this month at the fastest pace since July 2009.
The number of Americans filing new claims for jobless benefits fell last week, but from an upwardly revised number the prior week, with the underlying tone of the report pointing to some weakening in the labor market.
At last check, The Dow Jones industrial average dropped -36.16 (-0.27%), to 13,541.80. The Standard & Poor's 500 Index fell -6.53 (-0.45%), to 1,454.52. The Nasdaq Composite Index lost -16.45 (-0.52%), to 3,166.17.
Following are the notable stock movers in the tech sector:-
Apple Inc.(NASDAQ:AAPL) is among the top loser in the large cap tech sector with the stock fell for the first time in the past seven trading sessions. The stock had soared 8% after announcing the launch of widely expected iPhone5 On Sep 12. If that’s not enough, the company saw a huge demand like in the past with users had placed more than 2 million pre-orders for iPhone 5 on the first day of its availability. This order book surpassed its all previous orders. With just one more day to go before Apple Inc.(NASDAQ:AAPL)’s iPhone 5 will be available on store shelves, the fever is already building up.
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Apple unveiled its taller, slimmer, lighter and fast iPhone yet, on September 12 and anticipation has already started building up.
Groupon Inc(NASDAQ:GRPN) shares are also showing weak sign after yesterday’s massive run up of 14% on the news that it is all set to make a footprint in mobile payments, by launching "Groupon Payments." Groupon Payments allows merchants to swipe credit cards - not just for Groupon payments, but for any credit card transaction.
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Sycamore Networks, Inc.(NASDAQ:SCMR) rose 7% in early session after the company announced a surprise dividend of $10 a share. Moreover, the company projects to generate $16.8 million in revenue in fourth quarter , well ahead of its street’s consensus of $12.9 million.
Moroever, wireless teleco companies are showing selling after yesterday’s sharp rally driven by CEO Dan Hesse said at a Goldman Sachs conference today that the industry is moving for a period of consolidation.
Sprint Nextel Corporation(NYSE:S) slid 3.60%, MetroPCS Communications Inc(NYSE:PCS) fell 1.50% and Clearwire Corporation(NASDAQ:CLWR) plunged 5.80%.