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July 23, 2010 - The Battle Road Tech Index™ fell 1.5 percent for the week ended July 23, 2010, closing at 1654. For the week, 21 of the 25 index components rose in value. Year-to-date, the index is down 1.6 percent, having started at a value of 1680.

Nokia (NOK), Western Digital (WDC), Netflix (NFLX), and Yahoo! (YHOO), were notable movers for the week:

Nokia (NYSE: NOK, $9.45), the largest maker of mobile phones, climbed 8.1 percent for the week after reporting second quarter results on Thursday. Though the company’s profits fell 40 percent year-over-year, it met expectations of €0.11 with device and services revenue climbing three percent year-over-year to €6.8 billion. The company preserved its market share and sold 111.1 million phones, an eight percent rise from the year ago period. It also highlighted the upcoming release of the new Nokia N8, the first phone with the company’s Symbian^3 software, which Nokia believes will have a relevant place in the competitive higher-end smartphone market. There has also been speculation as to whether CEO Olli-Pekka Kallasvuo, who joined Nokia in 2006, will step down from his post due to his inability to turn the company around.

Western Digital (NYSE: WDC, $28.09) fell 10.7 percent for the week following its earnings report on Wednesday. The company missed its ambitious revenue and EPS targets for the June quarter as demand was seasonally down about seven percent due to slowing consumer PC sales. The pricing environment became more competitive at the end of the quarter and prices remained low for hard-disk drives into the September quarter, putting pressure on industry gross margins. With the seasonally-strong September and December quarters ahead, driven by back-to-school and holiday demand, the hard-drive makers may see a rebound in sales and pricing.

Netflix (NASDAQ: NFLX, $108.20)shares declined by 8.6 percent for the week. Netflix reportedits second sequential quarter of rising revenue growth Wednesday night, and earnings that were considerably higher than Street expectations. Though net new subscribers of more than one million tripled versus the prior year, the company's revenue fell short of consensus expectations---by one percent. Management may have dampened investor enthusiasm for gross margin expansion, claiming that the company would invest in new content, rather than harvest further upside.

Shares of Yahoo! (NASDAQ: YHOO, $14.00) declined by 6.0 percent, on the heels of the company's earnings report, which signaled slower than expected growth in online advertising sales, as the company continues to lose share to rival Google.

About the Battle Road Tech Index:

The Battle Road Tech Index™ monitors the stock market performance of 25 of the most influential world-wide technology stocks. The index values each stock equally, in order to avoid over-weighting the largest cap components. The indexis updatedby Battle Road Research on a continuous basis, and we provide

weekly commentary on its performance at www.battleroad.com, and www.battleroadblog.com.

About Battle Road Research:

Battle Road Research (www.battleroad.com), an equity research firm, provides an independent voice on technology, health science, solar power, and education stocks. Battle Road analysts place an equal weight on industry and securities analysis in an effort to seek out stocks to buy and stocks to avoid. As an integral part of our research process, we tap into a homegrown network of industry sources who provide insight into the companies we cover. We present our conclusions in a straight-forward Buy, Hold, Sell format. As a matter of principle, we refrain from investment banking, company-paid reports, and personal investment in the stocks we research.