Stocks Fall as Holiday Shopping Slows, 'Cliff' Concerns Persist
Chipmakers got a boost earlier in the day after IDC's Semiconductor Applications Forecaster said chip revenue will increase 4.9% to $319 billion in 2013, jumping to $368 billion in 2016. Intel(INTC) pared gains, closing up 1 cent to $20.65.
Among other tech shares, Research In Motion (RIMM) jumped $1.22, or 11%, to $11.82. Internet-search firm Baidu(BIDU) climbed $4.68, or 4.8%, to $101.45. Netflix(NFLX) rose 42 cents, or 0.5%, to $90.65. The company's video-streaming service suffered a Christmas Eve outage that continued into Christmas morning for some customers.
In Twitter posts, Netflix said problems at Amazon.com(AMZN) were the cause. Amazon, which provides Internet services to Netflix and other corporate customers, was down $9.99, or 3.9%, to $248.63.
Facebook(FB) had been the most active stock in pre-market trading . Options traders turned bullish on the stock after investment bank Needham & Co. raised its price target on its belief that mobile-revenue growth will be stronger than expected. Still, Facebook shares dropped 42 cents, or 1.6%, to $26.51 after rising as much as 0.7% earlier in the day.
-- Written by Parris Kellermann
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