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The year 2013 continues to be a record-setting one for the S&P 500 Index (SNPINDEX: ^GSPC ) , which rose for a fourth consecutive day Thursday, despite very poor performances from technology mainstays. The last year has handsomely rewarded investors in the index, as it saw 19% gains in that time. Today's notable S&P laggards stand in stark contrast to the health of the broader market.
The worst performing of the 500 stocks in the index today was Hewlett-Packard (NYSE: HPQ ) , dropping 6.5%. New numbers on just how awful the PC market has become were the culprit: global shipments declined nearly 14% in the first quarter, nearly twice the pace analysts expected. HP, though it remained the volume leader in shipments, saw orders decline even more markedly, slipping 23.7%. Investors will have to wait until May 21 to see how dramatically this will affect HP's earnings.
Wall Street will only have to wait until next Thursday to see Chipotle Mexican Grill's (NYSE: CMG ) financials. It didn't have to wait to sell the stock off, though: shares slipped 3.6% after a prominent bond investor, Jeffrey Gundlach, told a New York crowd he thought Chipotle was a good short idea. Trading at nearly 40 times earnings, the Tex-Mex restaurant needs to continue to prove its growth prospects if it wants to prove Mr. Gundlach -- and Mr. Market -- wrong.
Chip maker Advanced Micro Devices (NASDAQ: AMD ) ended as another victim of today's ominous PC report. Shares fell 3.5% Thursday, in a week that's been a roller coaster ride for investors. AMD was up huge on Monday -- more than 13% -- on news it would be providing the processor for the new Microsoft Xbox console. With horrendous PC market trends, the video gaming industry is becoming a more and more meaningful opportunity for AMD.
The massive wave of mobile computing has done much to unseat the major players in the PC market, including venerable technology names like Hewlett-Packard. However, HP's rapidly shifting its strategy under the new leadership of CEO Meg Whitman. But does this make HP one of the least-appreciated turnaround stories on the market, or is this a minor blip on its road to irrelevance? The Motley Fool's technology analyst details exactly what investors need to know about HP in our new premium research report. Just click here now to get your copy today.