Sector Update: Technology

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Technology stocks were lower in late trade, with shares of technology companies in the S&P 500 falling about 0.9%.

In company news, Ericsson ( ERIC ) shares were down about 0.7% at $11.94 each in late trade following reports CEO Hans Vestberg told directors he has no plans to step down from the mobile telephone manufacturer - squashing market speculation he is in the running to succeed current CEO Steve Ballmer at Microsoft ( MSFT ).

Directors were ready to look at a list of potential successors in case he was chosen by Microsoft as CEO, a person familiar with the matter told Bloomberg today.

MSFT was up slightly more than 1% at $36.65 just ahead of the closing bell.

In other sector news,

(+) FSL, Earns $0.19 per share in Q4, beating the consensus by $0.01. Revenue rises 13.1% year over year to $1.08 bln, also topping analyst estimates by around $30 mln. Projected Q1 revenue of $1.07 bln to $1.11 bln exceeds Street view by $30 mln.

(-) CRUS, Shares fall for a second day as the chip-maker forecast revenue during the current quarter trailing the Wall Street consensus. The stock also declined Tuesday after Apple Inc ( AAPL ) - which has been responsible for over 80% of the company's sales - reported weaker than expected iPhone sales.



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This article appears in: Investing , Commodities

Referenced Stocks: AAPL , ERIC , MSFT

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