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Techs drag market lower...Bankruptcy promises...Microsoft disappoints...Venture capital shrinks

Friday - 7/19/2013, 3:29pm  ET

NEW YORK (AP) -- Weak earnings from big technology companies have been dragging stocks lower most of the day on Wall Street. The technology sector led the declines after disappointing results from Google, Microsoft and the chip maker Advanced Micro Devices. The Nasdaq has seen the biggest drop of the three major indexes; it's been down about 0.8 percent. The Dow had been down as much as 50 points this morning has regained much of that in afternoon trading, while the S&P has nosed into positive territory.

DETROIT (AP) -- Michigan's governor and Detroit's emergency manager are promising better city services in 30 to 60 days for residents a day after Detroit's unprecedented bankruptcy filing. Gov. Rick Snyder says bankruptcy should offer a more certain path for the city's creditors who don't know how much -- or whether -- they'll be paid. Two public employee pension systems are Detroit's top unsecured creditors.

NEW YORK (AP) -- Microsoft's stock is taking a hit after reporting disappointing results for the April-June quarter. Shares are down close to 12 percent in afternoon trading. Microsoft's results included a large write-off for Microsoft Corp.'s surface RT business. A poor reception for Windows 8 also contributed to a revenue drop in the company's operating system software unit.

NEW YORK (AP) -- A new report finds venture capitalists are funneling less money into fewer deals these days. The MoneyTree study finds total investments in startups fell 9 percent from a year ago. There were 913 deals completed in the second quarter, down 6 percent from last year's 970. Funding for biotechnology companies and consumer products and services startups increased.

NEW YORK (AP) -- JPMorgan Chase & Co. says two directors who served on the bank's risk policy committee at the time of its $6 billion "London whale" trading loss are stepping down from the board. David Cote and Ellen Futter were both re-elected to new terms this year but with diminished support from shareholders after being targeted by activist investors.


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