Top Tech Stocks
Technology stocks were keeping pace with declines Wednesday for the broader U.S. markets, with shares of tech companies in the S&P 500 posting a 0.8% retreat.
In company news, Nvidia Corp ( NVDA ) shares dropped Wednesday after short-seller Andrew Left at Citron Research issued a series of tweets today suggesting investors are discounting some of the potential risks facing the chipmaker in 2017.
"Citron readers know we have long been fans of $NVDA, but now the mkt is disregarding headwinds," Citron said in one tweet, later explaining it faces "significant competition" from rivals like Advanced Micro Devices ( AMD ) and Intel ( INTC ) and setting the stage for gross margin to fall at Nvidia next year.
Citron also believes shareholders could be overstating the value of Nvidia's intellectual property.
NVDA shares were down nearly 7% this afternoon at $109.27 each, falling back after earlier rising to another record high of $119.93 this morning. Entering Wednesday's session, the stock has been the best performer in the S&P 500, rising 245% during 2016.
In other sector news,
(+) LIVE, Climbs to 32-month high after reporting FY16 profit of $17.8 mln, or $8.92 per share, reversing a $14.7 mln net loss during prior fiscal year. Net sales grow 136% to a best-ever $79 mln. Analyst estimates were not available.
(-) QCOM, Korea Fair Trade Commission issues $865 mln fine after ruling some of company's products and business practices violate Korean competition law. Decision does not become effective until a written decision and order is issued, typically in about four to six months.
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