TECH STOCKS: Apple, Red Hat, VeriFone Highlight Tech Trading

By Rex Crum, MarketWatch

SAN FRANCISCO (MarketWatch) -- Tech stocks showed some signs of weakness Tuesday, with Apple Inc. and Red Hat Inc. among the decliners as analysts' actions weighed on those companies' shares.

Apple (AAPL) gave up a brief gain to shed $7.48 a share and trade at $430.38. Before the market opened, Jefferies analyst Peter Misek trimmed his price target on Apple's stock to $420 a share from $500.

Misek also cut his iPhone sales estimates for the current quarter to 35 million units from 37.5 million and said that checks with Apple's suppliers indicate the next version of the iPhone won't be launched until the third quarter of the year.

Red Hat (RHT) shares fell by 3.6%, to $51.24 after Walter Pritchard of Citigroup cut his rating on the software company to neutral from buy on the grounds that the company is lacking a major source of new revenue growth.

Zynga Inc. (ZNGA) was down by 4.4%, at $3.75 a share. Macquarie Capital analyst Ben Schachter said in a research note that the idea that Yahoo Inc. (YHOO) might buy the social-media gaming company is "unfounded." Zynga shares rose more than 10% Monday on reports that Yahoo might be interested in acquiring Zynga.

Declines also came from Oracle Corp. (ORCL), NetApp Inc. (NTAP), Cisco Systems Inc. (CSCO) and Facebook Inc. (FB).

The Nasdaq Composite Index (RIXF) fell 20 points to 3,232, and the Philadelphia Semiconductor Index (SOX) slipped back into negative territory.

Advances came from VeriFone Inc. (PAY), which rose more than 5% to $21.50 a share. Late Monday, the payments-technology and services company said it is replacing Chief Executive Doug Bergeron.

Hard-disk drive maker Seagate Technology (STX) rose more than 3% to $34.38 a share. The company said it shipped its two-billionth hard-disk drive.

Glu Mobile Inc. (GLUU) shares climbed 18% to $2.84 after the mobile-games developer said it launched its first real-money gambling game in the U.K. Glu Mobile is partnering with Probability plc on a mobile slot game using intellectual property from its "Samurai vs. Zombies Defense" title.

Intersil Corp. (ISIL) rose 3.4% to $8.81 a share after the communications signal semiconductor company said late Monday it named Necip Sayiner as its new CEO. Saynier had been CEO at Silicon Laboratories Inc. (SLAB). B. Riley Caris analyst Craig Ellis raised his rating on Intersil to buy from neutral following Saynier's appointment.

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