Tech Stocks End Down for November

By Kathleen A. Martin  |  Posted 2008-12-01 Email Print this article Print
 
 
 
 
 
 
 

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Despite the holiday rally, Wall Street continued to punish the technology sector in anticipation of businesses cutting IT spending in 2009.

After the record setting rally last week, U.S. stocks tumbled at the open today and the S&P 500 Index fell for the first time in six days on concern that the global recession is deepening. While all eyes were on the retail sector as Black Friday sales opened the holiday shopping season, technology stocks saw black as all but a few stocks ended the week on a positive note.

 

Oracle (NASDAQ: ORCL) was down 1.6 percent as a result of Barclays Capital cutting its price target to $22 from $27. Barclays also lowered its full-year estimates on the world's third-largest software maker expecting lower closure rates and a continued contraction in IT spending over the next several quarters. Seagate Technology (NASDAQ: STX) was down with a loss of 4.3 percent. Seagate released a fix for the Barracuda 1.5TB drives, but this did little to calm investor concerns.

 

Research in Motion (NASDAQ: RIMM) was last week’s loss leader down 5.2 percent. While MySpace and RIM shattered download records with 400,000 downloads of Blackberry smart phone applications, little could be down to settle analysts concerns regarding OS problems on the new Blackberry Storm.

Nortel (NYSE: NT) saw the week’s biggest gain of 35.7 percent, but also the months biggest loss at 1.3 percent. The stock is trading well below a dollar and is still listed as a hold by many analysts.

FalconStor (NASDAQ: FALC) was the week’s big winner, up 34.9 percent as investors and analysts continue to applaud the strategic partnerships of the company and their continued leadership in the industry.

Not all the news was positive. While the week ended up for technology stocks, the overall numbers for November were double digit losses. The three leading distributors Ingram Micro (NYSE: IM), Synnex (NYSE: SNX) and Tech Data (NASDAQ: TECD) all posted double-digit losses for the month of November.

VMware (NYSE: VMW), a favorite with technology investors, noted a disappointing 27.4 percent point loss for the month.

AMD (NYSE: AMD) was up 29.7 percent for the week after the launch of a new Shanghai processor, but could not make up for all of its November losses. It closed the month off 25.3 percent.

 

Solution provider stocks did fare better than vendor stocks, but only by a slim margin. Insight (NASDAQ: NSIT) was the loss leader for November with a decline of 32.6 percent. PCMall (NASDAQ: MALL) was down a disappointing 8.2 percent continuing the weakness noted in the dirct-market reseller community. Even Citigroup’s services division could not rally back for the month. Despite rallying back 120 precent from its month low, it still ended November down nearly 30 percent.

 

All eyes will remain on the market today as the preliminary retail sales estimates for Black Friday are released. Later in the week, the government will release the jobless report for November. Neither report is expected to be positive nor increase stock volumes. The jobless report is anticipated to show the steepest decline in payroll jobs since the weeks following the 9/11 terrorist attacks.

  

  

  

  

Leading Technology Vendor Stocks

Company

10/31

11/28

Difference

Adobe Systems (ADBE) 26.64 23.16 -5.80%
Adtran (ADTN) 15.2 14.2 -3.60%
Alcatel-Lucent (ALU) 2.01 1.67 -21.60%
AMD 3.5 2.36 -25.30%
Apple (AAPL) 107.59 92.67 -5.70%
Arrow Electronics (ARW) 17.45 13.8 -16.00%
Avnet (AVT) 16.74 14.24 -12.70%
BMC Software (BMC) 25.82 24.96 -2.70%
CA 17.8 16.84 -0.30%
Canon (CAJ) 34.27 29.76 -12.10%
Check Point (CHKP) 20.22 20.61 4.40%
Cisco Systems (CSCO) 17.22 16.54 -5.90%
Citrix Systems (CTSX) 25.77 26.66 10.50%
Data Domain (DDUP) 18.46 16.25 -10.50%
Dell 12.15 11.17 -11.00%
EMC 11.78 10.57 -2.90%
FalconStor (FALC) 3.01 2.9 11.50%
Foundry Networks (FDRY) 14.85 15.49 7.30%
Google (GOOG) 358.36 292.96 -11.50%
HP (HPQ) 38.28 35.28 1.80%
IBM 92.97 81.6 -5.40%
Ingram Micro (IM) 13.33 10.77 -20.80%
Intel (INTC) 16.03 13.8 -5.70%
Juniper Networks (JNPR) 18.74 17.38 0.10%
Lexmark (LXK) 25.83 26.18 1.30%
McAfee (MFE) 32.55 30.33 -0.80%
Microsoft (MFST) 22.33 20.22 -6.00%
Motorola (MOT) 5.37 4.31 -10.00%
NetApp (NTAP) 13.53 13.5 5.50%
Nokia (NOK) 15.18 14.17 -7.40%
Nortel Networks (NT) 1.25 0.57 -51.30%
Novell (NOVL) 4.66 4.55 0.70%
Oracle (ORCL) 18.29 16.09 -8.20%
Polycom (PLCM) 21.01 18.83 0.40%
Rackspace (RAX) 5.69 6.9 18.40%
Red Hat (RHT) 13.31 9.25 -27.80%
Research in Motion (RIMM) 50.43 42.47 -12.70%
Salesforce.com (CRM) 30.96 28.62 0.20%
SAP 35.33 34.14 -4.70%
ScanSource (SCSC) 19.84 17.01 -7.60%
Seagate Technology (STX) 6.77 4.21 -36.20%
Sun Microsystems (JAVA) 4.6 3.17 -24.50%
Sybase (SY) 26.63 24.64 -4.70%
Symantec (SYMC) 12.58 12.03 -8.90%
Synnex (SNX) 15.43 10.46 -28.50%
Tech Data (TECD) 21.45 17.44 -20.70%
VeriSign (VRSN) 21.2 21.59 1.60%
VMWare (VMW) 31 19.35 -27.40%
Websense (WBSN) 19.52 16.17 -10.50%
Xerox (XRX) 8.02 6.99 -4.50%

  

  

  

Leading Solution Provider Stocks

Company

10/31

11/28

Difference

Accenture 33.05 30.98 1.50%
BT Global Services  18.9 20.71 13.20%
CSC 30.16 27.86 -9.30%
Northrup Grumman 46.89 40.95 -6.90%
Lockheed Martin 85.05 77.11 -2.10%
Atos Origin 18.1 17.35 -0.20%
SAIC 18.47 17.8 -1.20%
ADP 34.95 41.06 15.90%
NTT Data Corp 20.35 21.95 -2.90%
Affiliated Computer Services  41 40.45 -4.60%
Unisys 1.52 0.67 -26.40%
Tata Consultancy Services 537.45 558.05 6.40%
Harris Corp 35.95 34.88 -4.50%
ITT 44.5 41.86 -2.50%
OfficeMax 3.6 1.97 -24.80%
CGI Group 8 7.47 -6.00%
Insight North America 9.73 4.07 -32.60%
Convergys Corp.  7.69 6.29 -7.90%
Staples 19.43 17.36 -5.40%
Fiserv 33.36 34.14 2.70%
Systemax 14.16 9.78 -19.30%
Perot Systems 14.39 12.48 10.40%
OfficeMax 8.05 5.45 3.80%
WiPro Infotech 7.74 7.56 -3.70%
Citigroup TSC 13.65 8.29 -29.90%
QinetiQ 170 173.5 4.70%
Raytheon TSC 51.11 48.8 -0.40%
Siemens 60.15 59.7 5.90%
CAIC 41.18 44.41 8.80%
PCConnection 6.04 5.13 3.20%
Metavante 16.77 17.27 6.30%
Cerner Corp 37.23 35.98 -5.80%
ManTech 53.94 54.42 10.20%
Acxion 7.86 7.51 3.70%
McKesson 36.79 34.94 -8.70%
SRA International 18.48 15.02 9.70%
PCMall 4.48 3.68 -8.20%

  

  

  

 

 
 
 
 
 
 
 
 
 
 
























 
 
 
 
 
 

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