Tech. Stocks Off Session High (XLK, AAPL, JDSU, FSLR, INTC, MSFT, CSCO, NFLX, RBCN)

Published on Tuesday, 13 December 2011 15:16 Written by Christian Paolinetti

  New York, December 13th (TradersHuddle.com) – The technology stocks pared most of its early gains as investors are eyeing for a meeting of The Federal Reserve scheduled at around 2:15 p.m. Technology SPDR (ETF)(NYSE:XLK) is now trading higher by 0.23% to $25.80 after rising to session high of $25.97, while Nasdaq is trading higher by 0.13% to $2,615.59. Stocks erased gains on reports that German Chancellor Angela Merkel has declined any suggestion of increasing the limit of Europe's future bailout fund.

Apple Inc.(NASDAQ:AAPL) is trading higher by 0.22% to $392.67. According to reports, Apple was considering the purchase of buy Israel's Anobit, a maker of flash storage technology, for as much as $500 million.

JDS Uniphase (NASDAQ:JDSU) continued to move lower and slid 2.17% to $10.38, extending its weekly losses to over 5%. First Solar (NASDAQ:FSLR) also turned lower by 0.61% after rising over 2% earlier in the session. The stock has slumped over 85 over the past one week.

Intel Corporation(NASDAQ:INTC) continued to move lower and slid another 1.13% after falling over 4% in yesterday’s session as the company said that now it expects to generate revenue of $13.7 billion, plus or minus $300 million, for the ongoing quarter, compared to its earlier guidance of $14.7 billion, plus or minus $500.

Microsoft (NASDAQ:MSFT) and Cisco Systems, Inc.(NASDAQ:CSCO) are the top two gainers on the Dow Jones Industrial Average.

Elsewhere, Netflix (NASDAQ:NFLX) moved lower to $74.56, down 0.93% after hitting session of $77.59 on rumors that the company could be a buyout target.

Rubicon Technology (NASDAQ:RBCN) climbed 1.35% to $10.52 after analyst at Ticonderoga upgraded the stock to Neutral on valuation.