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By Rex Crum, MarketWatch SAN FRANCISCO (MarketWatch) — The tech sector retreated along with the broader market Friday, pulling the Nasdaq Composite Index into the red for the year.
Much of the day’s negativity was reaction to a disappointing outlook from blue-chip insurance giant Travelers Cos. /quotes/zigman/455344/quotes/nls/trv TRV -3.06% and the impact of negative trade data from China. Read more about the day's market activity.
Fusion-io Inc. counts Steve Wozniak among its board members, but can the flash-memory company follow through on its closely watched IPO?
Among tech stocks, losses came from Google Inc. /quotes/zigman/93888/quotes/nls/goog GOOG -1.40% , Cisco Systems Inc. /quotes/zigman/20039/quotes/nls/csco CSCO -1.24% and Intel Corp. /quotes/zigman/20392/quotes/nls/intc INTC -1.75%
The Nasdaq Composite /quotes/zigman/123127 COMP -1.53% fell 41 points, or 1.5%, to close at 2,643 and is now in the red for the year. The Nasdaq gave up 3.3% on the week.
The Philadelphia Semiconductor Index /quotes/zigman/1468249 SOX -1.66% retreated 1.7% and was down 4% on the week, and the Morgan Stanley High Tech 35 Index /quotes/zigman/1468957 MSH -1.57% shed more than 1.5% on Friday and was off more than 3% for the week.
Decliners included MEMC Electronic Materials Inc. /quotes/zigman/154488/quotes/nls/wfr WFR -3.52% , which fell 32 cents a share, or 3.5%, to close at $8.76. The maker of chip wafers for the solar industry was in the red after Stifel Nicolaus analyst Jeff Osborne cut his rating to hold from buy, citing signs of weak business in the solar wafer market.
Research In Motion Ltd. /quotes/zigman/18534/quotes/nls/rimm RIMM -2.79% shares fell $1.05, or almost 3%, to $36.56. The company said it would begin selling its PlayBook tablet in 16 countries outside of North America over the next month.
National Semiconductor Corp. /quotes/zigman/235375/quotes/nls/nsm NSM +0.16% shares gained 4 cents to close at $24.62. Late Thursday, the chip maker, which has agreed to be acquired by Texas Instruments Inc. /quotes/zigman/243223/quotes/nls/txn TXN -2.31% , reported a decline in fourth-quarter earnings and sales.
Flash-memory technology company Fusion-io Inc. /quotes/zigman/5375401/quotes/nls/fio FIO +6.67% rose $1.50 a share, or 6.7%, to close at $24 one day after the company went public. Fusion-io’s shares rallied more than 18% on Thursday.
Watch Rex On Techs video on Fusion-io and Steve Wozniak.
Internet radio company Pandora raised the price of its upcoming initial public offering, and now plans to sell 14.7 million shares priced in a range of $10 to $12 each, according to a regulatory filing. Last week, Pandora had set the price range at $7 to $9 a share for its public offering.
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Rex Crum is a reporter for MarketWatch in San Francisco. View the original article here
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