Apple regains momentum as techs cut losses following decline in U.S. new home construction

“Technology stocks tried to cut their losses in late trading Tuesday, with Apple Inc. getting back into positive territory, while Adobe Systems Inc. remained in the red,” Rex Crum reports for MarketWatch. “The Nasdaq Composite Index came back from its session low point, yet was still down by 7 points at 3,071, while the Philadelphia Semiconductor Index and the Morgan Stanley High Tech 35 Index were each off by about 0.5%.”
“The broader stock market declined following mixed housing data. The Commerce Department said new home construction fell by 1.1% in February, but that permits for future work rose,” Crum reports. “In the technology sector, Apple shares got back into positive territory, and were up 0.71% one day after the company announced a $10 billion stock buyback plan and its first dividend payments since 1995.”

Crum reports, “On the downside, shares of Adobe gave up 4% to trade at $33.11 following the software company’s quarterly results, which came out late Monday. The maker of Photoshop software reported a rise in its fiscal first-quarter sales, but writedowns and other matters caused Adobe’s earnings to drop by 21% from a year ago. Pacific Crest analyst Brendan Barnicle cut his rating on Adobe to sector perform, or neutral, from outperform calling the company’s earnings results ‘underwhelming.’”


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