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Saturday, Jul 2, 2022
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Midday Stock Roundup

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The S&P 500 fell 0.25% to 1,927.48 in midday trading.

The Dow Jones Industrial Average rose 0.29% to 16,707.19, and the Nasdaq fell 0.92% to 4,340.33.

The yield on a 10-year Treasury bond fell 0.56% to 2.31%.

The price of gold was down 0.22% to $1,222.60.

TECHNOLOGY

OC-based technology companies were down on sector weakness related to concerns about lower sales in September to the chip market in China and a non-OC tech company’s third-quarter guidance.

Irvine-based chipmaker Broadcom Corp. was down 4.5% to $36.40 and a $21.5 billion market capitalization. In addition to the sector selloff, analysts at FBR Capital Markets this week cut their price target on the stock to $44 from $46 but maintained an “outperform” rating.

Irvine-based storage maker Western Digital Corp. was down 2% to $91.60 and a $21.4 billion market cap, with the selloff overcoming analyst Jeffries & Co. initiating coverage on the company with a “buy” rating and a price target of $124.

Aliso Viejo-based semiconductor company Microsemi Corp. was also down, by 5.8% to $23.16 and a $2.3 billion market cap.

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