Technology stocks fell Monday, mirroring a broad-market selloff, though Yahoo Inc. managed some gains after the latest drama in its executive suite.
Yahoo CEO Scott Thompson resigned Sunday, just four months into his tenure at Yahoo, following a controversy over inaccuracies in his academic biography. At issue was Thompson claiming he had a bachelor’s degree from Stonehill College in accounting and computer science; Thompson’s degree was only in accounting. Ross Levinsohn, who ran Yahoo’s media business, was named the company’s interim CEO.
Yahoo YHOO +2.04% shares were among the few notable gainers by the time the market closed, rising 2%, to $15.50.
But most other tech stocks retreated, and the Nasdaq Composite Index COMP -1.06% closed with a loss of 31 points at 2,902. The Philadelphia Semiconductor IndexSOX -1.09% shed 1%, and the Morgan Stanley High Tech 35 Index MSH -0.77% was off by almost 1% `^"|^`
The broader market declined — with the S&P 500 off more than 1% — following a slate of uncertainty from Europe, including the latest political and economic upheavals in Greece and the fallout from J.P. Morgan JPM -3.17% reporting a trading loss of $2 billion last week.
Daily-deal company Groupon Inc. GRPN +18.54% , jumped 18.5% to close at $11.74. Groupon is scheduled to report its quarterly results after Monday’s market close.
BMC Software Inc. BMC +8.71% saw its shares rise $3.52, or 8.7%, to $43.92. The business-software company adopted a shareholder rights plan to fend off a proxy fight by hedge fund Elliot Associates LP. Elliot, which owns more than 5% of BMC’s stock, has called for a sale of the company.
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