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TECH STOCKS: Tech Stocks Retreat Amid Market's Ukraine Fears

TECH STOCKS: Tech Stocks Retreat Amid Market's Ukraine Fears

08/28/2014

By Rex Crum, MarketWatch

SAN FRANCISCO (MarketWatch) -- Tech stocks mostly retreated Thursday, following the broader market as investors showed more concern about the growing crisis in Ukraine.

The government in Kiev said Russian troops have entered the eastern part of Ukraine and a NATO military official told Dow Jones Newswires that Russia's army has taken a "more overt" position in the country.

As investors got into the day's market activity, the tech-heavy Nasdaq Composite Index (RIXF) fell 16 points to 4,553, and the Philadelphia Semiconductor Index (SOX) was also in the red.

(Read more about the market's reaction to the Ukraine situation in Market Snapshot http://www.marketwatch.com/story/us-stocks-futures-slip-ahead-of-gdp-data-2014-08-28.).

Cloud-based human-resource software company Workday Inc. (WDAY) gave up 2% to fall to $88.29 after reporting a wider second-quarter loss, but its results still exceeded Wall Street analysts forecasts.

Yelp Inc. (YELP) gave up 1.2% to trade at $81.90 a day after a Goldman Sachs report said the online review and recommendation company, and some other Internet companies, could be attractive acquisition targets this year.

Declines also came from Hewlett-Packard Co. (HPQ), Netflix Inc. (NFLX), Amazon.com Inc. (AMZN) and IBM Corp. (IBM).

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