TECH STOCKS: Tech Stocks Weaken; H-P Earnings On Tap

By Rex Crum, MarketWatch

SAN FRANCISCO (MarketWatch) -- Tech stocks were on track for a mostly negative trading session Wednesday, with Hewlett-Packard Co. edging into the red in advance of the tech giant's quarterly earnings report, due after the close of trading.

H-P (HPQ) was off by a penny a share at $35.47 as the company prepared to deliver its fiscal third-quarter results. Analysts surveyed by FactSet estimate H-P will earn 89 cents a share on $27.03 billion in revenue for the quarter.

Infineon Technologies AG was down 2% at $11.36 following reports that the German technology company was close to a deal for a U.S.-based semiconductor maker for $2 billion. Infineon has been looking to make a major acquisition since Reinhard Ploss became chief executive in 2012.

Apple Inc. (AAPL) reached an all-time intraday, split-adjusted high of $100.77 a share before pulling back to $100.13. Anticipation is growing that Apple will unveil the iPhone 6 at a company event on Sept. 9.

Microsoft Corp. (MSFT) shed 24 cents to $45.09 a share. On Tuesday, the software titan said former Chief Executive Steve Ballmer was stepping down from the company's board of directors.

Other declines came from Google Inc. (GOOGL), Pandora Media Inc. (P), IBM Corp. (IBM) and Facebook Inc. (FB). (Read more about the day's notable movers here: http://www.marketwatch.com/story/target-lowes-petsmart-report-earnings-wednesday-2014-08-19.)

The tech-heavy Nasdaq Composite Index (RIXF) shed 4 points to 4,522, while the Philadelphia Semiconductor Index (SOX) was up 0.5%. Follow U.S. stock-market action here.

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