(By Mayur Pahilajani - iStockAnalyst Writer)
As economic data showed signs of economy slipping deep into or may be at the edge of recession, shares started declining across all sectors. Investors on Wall Street are mainly disappointed due to weak retail sales report released on Wednesday by the Commerce Department. September sales declined by 1.2 percent.
But there are some technology stocks that retreated early morning trading and are holding up their higher levels. The shares of the sector have gained after International Business Machines Corp. (NYSE: IBM) reported higher-than-expected profit for this year amid slow down in global economic growth.
Microsoft Corporation (NASDAQ GS: MSFT):
Microsoft stock rebounded on Wednesday as the firm still hopes to sell more products to consumers in the sluggish holiday season. Shares of the firm were moving down by 36 cents or 1.49 percent to $23.74 at 11:12am ET, with volumes at 32,230,027. So far in the day, the stock hit a low at $23.41; the drop is less compared to overall market sentiment.
Intel Corporation (NASDAQ GS: INTC):
The world's largest chip maker reported better-than-expected results on Wednesday by posting a 12-percent rise in third quarter profit. But the firm warned about market uncertainty as financial crisis was not yet over. Intel's net income increased to $2 billion, or 35 cents a share, compared with $1.8 billion, or 30 cents a share, a year ago in the same period. The company's revenue increased by 1 percent to $10.22 billion, compared to $10.1 billion a year earlier. The company also said that it will continue to maintain profits despite weakening customer and business spending. Shares of the firm were trading higher by 19 cents or 1.19 percent to $16.12 on Wednesday. So far in the day, it hit a high at $16.42
Research in Motion Limited (NASDAQ GS: RIMM):
Some reports are speculating that Microsoft Corp. has showed interest in acquiring Research in Motion. It has a "Buy" rating from market analysts. At 11:25am ET on NASDAQ market, shares of the firm were moving down by $1.44 or 2.40 percent at $58.68, with volumes at 11,318,023.
