UAL, SanDisk, Logitech International decline and tug Nasdaq 100 lower; Apollo Group rises
NEW YORK (AP) — The Nasdaq 100 index dropped sharply Friday with high oil prices weighing on shares of UAL Corp., which operates United Airlines.
UAL declined 95 cents, or 11.7 percent, to $7.16. On Thursday, United said it will work with Continental Airlines Inc. in an alliance to help offset rising fuel costs.
The index, which includes 100 of the largest nonfinancial securities listed on the Nasdaq Stock Market, dropped 54.30 points, or 2.7 percent, to 1,928.39. Only four stocks were in positive territory. The broader Nasdaq composite fell 55.97 points, or 2.3 percent, to 2,406.09.
Shares of SanDisk Corp. dropped $2.28, or 9.7 percent, to $21.16, following an analyst downgrade from Citi Investment Research to “Hold.”
Shares of Logitech International SA fell $2.85, or 9.5 percent, to $27.14, when a Goldman Sachs analyst put shares of the personal computer products maker on its “Conviction Sell” list.
On the gaining side, shares of University of Phoenix operator Apollo Group Inc. rose $1.64, or 3.2 percent, to $52.83, following a Credit Suisse analyst upgrade.
Shares of biotech company Amgen Inc. added 31 cents to $45.17.
Cephalon Inc. rose 44 cents to $71.14. Several analysts said sales of the company’s muscle relaxant Amrix and cancer treatment Treanda will boost overall revenue.
