Earnings Fears Weigh On Tech ETFs

Michael Johnston — Thu, 19 Nov 2009 15:45:55 +0000

Technology ETFs have hit a wall in recent days, slumping on news of an analyst downgrade to Research in Motion, slashes in projected semiconductor demand, and weak earnings reports from several internet companies. With an uncertain holiday shopping season ahead, the fate of the technology sector is very much up in the air, and technology ETFs could be on the move in coming weeks. BMO Capital Markets cut their rating on Blackberry maker Research in Motion on Wednesday, pointing to increased competition from Verizon as consumers opt for less expensive smartphones. Also weighing on the tech sector were weak results from Salesforce.com and Autodesk, which lost about 3% and 10%, respectively, during yesterday’s session. On Thursday, BofA Merrill Lynch lowered its 2010 growth forecast for global semiconductor industry and downgraded ten chipmakers, including Intel Corp. “While we believe the correction will likely prove short and shallow, we think any hint [...]

Click here to read the original article on ETFdb.com.

ETF Database » REW

Earnings Fears Weigh On Tech ETFs

Related Posts: