Technology Sector Fall, Led by Oracle, Micron Technology
Friday, June 24, 2021 11:10 AM

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The technology sector fell sharply Friday, retreating a day after Oracle and Micron Technology reported disappointing quarterly results. Shares of Micron Technology Inc. (NYSE: MU) fell 12 percent to $7.40 a share, as the company after the company‘s reported third quarter results missed Wall Street Consensus estimates and Stifel Nicolaus brokerage firm lowered the price target to $11 a share from $17 a share after the results. Shares of Oracle Corp. (Nasdaq: ORCL) dropped 4 percent to $31.16 a share after the company saw sales of hardware decline during the quarter. Previously Oracle had forecasted an increase of up to 12 percent. Friday’s losses also came from, Apple Inc. (Nasdaq: AAPL) down 0.88 percent to $328.32, Google Inc. (NYSE: GOOG) trading lower by 0.88 percent to $476 a share, Intel Corp. (Nasdaq: INTC) down 0.99 percent to $21.50, Cisco Systems Inc. (Nasdaq: CSCO) lost 1.68 percent to $15.21, NetApp Inc. (Nasdaq: NTAP) fell 2.42 percent to $50.02 a share. In the broader sector Nasdaq Composite Index was trading lower by 23.57 points, or 0.88 percent to 2,663.18. Among the ETF’s, the Technology Sector Select SPDR Fund ETF (NYSEArca: XLK) had lost 1.08 percent to $24.70 and SPDR Morgan Stanley Technology ETF (NYSE: MTK) trading down 0.019 percent to $63.19 on Friday.


 

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