By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks put in a strong
performance Thursday, led by gains from EMC Corp. and Facebook
Inc., and a big rise from Clearwire Corp. as Dish Network Corp.
raised its bid for the wireless network operator.
EMC (EMC) shares climbed 5.4% to close at $24.93 after the
company said it would begin paying a quarterly dividend of 10 cents
a share. The first payment will be July 23 to shareholders of
record as of July 1.
Additionally, EMC announced a big increase in its stock
repurchase plan, going from $1 billion this year to $6 billion over
the three-year period ending Dec. 31, 2015. EMC said that under
this plan, it expects to repurchase $3.5 billion in stock by end of
the second quarter of 2014.
Facebook (FB) also flexed its muscles, rising 5.3% to close at
$24.55 a share. Before the market opened, BMO Capital Markets
analyst Daniel Salmon raised his rating on Facebook to outperform,
or the equivalent of buy, from market perform. Salmon also edged up
his price target on Facebook's stock to $33 a share from $32.
In a research note, Salmon said that following checks with
advertising and tech industry contacts, "sentiment around Facebook
advertising remains quite positive, with emphasis on improved
customer service in particular." Salmon also said Facebook's shares
could see more gains from "the near-term catalyst of an upgraded
video advertising offering."
Another big percentage gainer was wireless network operator
Clearwire Corp. (CLWR), which saw its shares surge more than 29% to
close at $4.50.
Before the market opened, Dish Network Corp. (DISH)raised its
bid for Clearwire to $4.40 a share, which values the company at
$6.9 billion. Dish had previously offered $3.30 a share for
Clearwire. Dish's new bid also trumped Sprint Nextel Corp.'s (US-S)
$3.40-a-share offer to acquire the 50% of Clearwire that it doesn't
already own.
Online travel agency Priceline.com Inc. (PCLN) saw its shares
rise almost 2% to $807.54 after the company said late Wednesday it
plans to offer $1 billion worth of seven-year convertible bonds and
repurchase another $1 billion of its stock.
Among other leading tech stocks, gains came form Apple Inc.
(AAPL), Yahoo Inc. (YHOO), Cisco Systems Inc. (CSCO) and Microsoft
Corp. (MSFT).
The tech-sector gains helped lift the Nasdaq Composite Index
(RIXF) by almost 24 points to close at 3,491. The Philadelphia
Semiconductor Index (SOX) climbed 1.5% and the Morgan Stanley High
Tech 35 Index (MSH) also closed with a small gain.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires