TECH STOCKS: Tech Stocks Weaken Ahead Of H-P's Earnings

By Rex Crum, MarketWatch

SAN FRANCISCO (MarketWatch) -- Tech stocks cut their losses Wednesday to close with mixed results as investors awaited the latest earnings from tech giant Hewlett-Packard Co.

H-P (HPQ) shares fell 1% to close at $35.12 ahead of the company's fiscal third-quarter report. Shortly after the market closed, H-P said it earned 89 cents a share on $27.6 billion in revenue.. Analysts surveyed by FactSet had forecast H-P to earn 89 cents a share on sales of $27.03 billion.

Infineon Technologies AG shares fell 2% to close 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 $101.09 a share before pulling back to close at $100.57. Anticipation is growing that Apple will unveil the iPhone 6 at a company event on Sept. 9.

Microsoft Corp. (MSFT) shed 38 cents to close at $44.95 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) 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 1 point to close at 4,526, while the Philadelphia Semiconductor Index (SOX) rose almost 1%. Follow U.S. stock-market action here.

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