Sector movers: ARM pulls down tech stocks

Technology hardware and equipment stocks were out of favour on Friday, with microchip designing giant ARM Holdings dragging the sector lower.ARM Holdings was among the worst performers on the FTSE 100 on Friday after the firm's president yesterday gave a cautious outlook for 2012. Shares were trading 3.69% lower at 599.5p before the close.The microchip designer expects research and development (R&D) spending growth to slow next year due to an uncertain outlook in the smartphone and tablet markets, Tudor Brown told Dow Jones Newswire reporters in a technology forum in Taipei. Dow Jones writes that chip makers such as ARM, Taiwan Semiconductor Manufacturing Co and Hynix Semiconductor Inc predict that demand for their products could remain soft as a result of the economic slowdown in Europe and the US. Meanwhile, sector peer Sandvine was also heading lower. The broadband network solutions firm announced yesterday that it had won the "Best Implementation of Tiered Data Pricing" award for its Usage Management product. Shares fell 1.7% yesterday, but dropped a further 5% today.Meanwhile, the industrial metals and mining sector was in demand today, recovering after the its recent sell-off. Stocks were making average gains of 1% but still remain nearly 12% down on the week.FTSE 250 miner Talvivaara Mining was leading the rise.BCTop performing sectors so far todayIndustrial Metals & Mining 3,881.00 +1.00%Fixed Line Telecommunications 2,165.17 +0.68%Industrial Transportation 2,105.86 +0.09%Health Care Equipment & Services 3,307.96 +0.02%Bottom performing sectors so far todayTechnology Hardware & Equipment 722.51 -3.04%Aerospace and Defence 3,186.89 -2.53%Beverages 9,724.36 -2.27%Chemicals 6,453.47 -2.24%Mining 19,752.10 -1.83%