TECH STOCKS: Intel Forecast Can't Save Markets From Down Day - InformationWeek

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TECH STOCKS: Intel Forecast Can't Save Markets From Down Day

The chipmaker's positive revenue outlook couldn't keep the major indexes from declining.

Even a positive revenue forecast from Intel couldn't stop all of the major indexes from falling, largely because investors are getting nervous about how much stocks have gained in recent weeks.

The InformationWeek 100 was the big winner for the week, closing at 269.66, up 6.45% from a week ago, but it fell 1.32 points, or 0.5%, on Friday. The Nasdaq fell 12.24 points, or 0.7%, to 1,765.31, but its value increased 3.7% for the week. Similarly, the smaller Nasdaq-100 fell 15 cents, or 0.47%, to $32.49, but was up 4.34% for the week, with more than 92.7 million shares changing hands Friday.

Meanwhile, Nasdaq-traded Intel stock closed up 3.8% on Friday at $27.39, after the company said it expects revenue in the third quarter to be at least $300 million more than previously thought. But even positive forecasts from big tech companies may not be enough to move the indexes upward, as market observers have been expecting some retractions across the board following the quarterly earnings season. "We've had such a nice run here," Bryan Piskorowski, market commentator for Prudential Securities, told The Associated Press. "This is the question you are running up against: How much of this [economic] recovery have we priced into the market?"

The Dow Jones industrials fell 74.81 points, or 0.8%, to 9,348.87, but rose 0.3% for the week. The S&P 500 fell 10.22 points, or 1.02%, to close at 993.05, yet rose 0.2% for the week.

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