TECH STOCKS: Intel, Netflix In The Red As Tech Stocks Retreat

By Rex Crum, MarketWatch

SAN FRANCISCO (MarketWatch) -- Led by losses from Intel Corp., tech stocks fell alongside the broad market Wednesday following a set of disappointing U.S. economic data.

Many leading tech stocks pared losses after an initial market plunge, but much of the sector remained in negative territory.

Bellwether Intel (INTC) fell 2.6% to $31.30. Morgan Stanley analyst Joseph Moore cut his rating on the semiconductor giant to underweight, or sell, from equal weight, over concerns about the disparity between Intel's unit growth and overall PC unit sales growth. Intel retreated in spite of delivering better-than-expected quarterly results late Tuesday.

(Read more about Intel's third-quarter results http://www.marketwatch.com/story/intel-reports-higher-quaterly-earnings-sales-2014-10-14.).

Netflix Inc. (NFLX) fell 1.5%, to $442.65, in advance of the video-streaming company's third-quarter results, due after the close of trading. Analysts surveyed by FactSet estimate Netflix will earn 92 cents a share on $1.41 billion in sales for the quarter ended in September.

Hewlett-Packard Co. (HPQ) climbed 2% to $32.87. Before the market opened, H-P said it will resume share buybacks and that is was no longer held "material information" that led it to suspend its buyback program in August. Reports said that H-P had also ended talks about acquiring EMC Corp. (EMC).

Apple Inc. (AAPL) was off 15 cents a share at $98.60 ahead of a company event Thursday that is expected to involve the release of new iPads and Mac computers.

The Nasdaq Composite Index (RIXF), which includes many leading tech stocks, was down 32 points at 4,195. The Philadelphia Semiconductor Index (SOX) managed to eke out a small gain.

Follow the broader market action here.

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