TECH STOCKS: Nasdaq Back Under 3,000, LinkedIn Leaps

By Benjamin Pimentel, MarketWatch

SAN FRANCISCO (MarketWatch) -- Technology stocks were in broad retreat Friday as the Nasdaq Composite Index slipped back under 3,000 after U.S. stocks fell on weaker-than-expected job growth in April.

The Nasdaq (RIXF) shed more than 2% to 2,959, as shares of major tech companies slid into the red. The last time the benchmark was below the 3,000 mark was April 24.

Cisco Systems (CSCO) was down 3.5%, while Intel Corp. (INTC) shed 2%, as the two stocks became two of the worst performers on the Dow Jones Industrial Average. The Dow (DJI) was down 183 points.

On the upside, shares of Micron (MU) also were up by 2.3% on media reports that the semiconductor company has apparently won the bidding for the failed Japanese memory chip maker Elpida.

Shares of LinkedIn (LNKD) jumped 6% a day after the professional social networking reported a surge in earnings.

"We are positive on LinkedIn's business and believe it will be difficult for competitors to challenge its leadership position," Needham analyst Kerry Rice said in a note. "The company's large addressable market is underpenetrated, in our view, and an improving economy should benefit LinkedIn's growth"

But there were questions on how much the economy has improved after April's employment numbers came in below forecasts.

Also in negative territory were shares of Apple Inc.(AAPL), which shed 2%, Oracle Corp.(ORCL), down 3% and Microsoft Corp.(MSFT), which traded down 2.6%.

Shares of Dolby Laboratories (DLB) were up more than 17% after the company reported better-than-expected results for its second fiscal quarter.