Intel, Netflix Among Decliners As Tech Stocks Stumble

Tech stocks tumbled along with the broad market Wednesday as investors reacted negatively to a slate of economic data, including a decline in retail sales in September. Intel Corp. fell 5% to $30.45 as Morgan Stanley analyst Joseph Moore cut his rating on the chipmaker to underweight, or sell, from equal weight over concerns about excess inventory. Netflix Inc. shares shed almost 3% to fall to $436.95 ahead of the video-streaming company's third-quarter results, due after the close of trading. The tech-heavy Nasdaq Composite Index fell 86 points to 4,139 and the Philadelphia Semiconductor Index was off by 2%.