By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks overcame early
session losses Wednesday as much of the sector headed north as
trading progressed.
Gainers included Groupon Inc. (GRPN), which rose 2.4% to $8.47 a
share. The online daily deal and e-commerce company took its
weeklong "Groupon Searchlight" promotional events to San Francisco
Wednesday as part of its ongoing efforts to make itself more of a
destination for e-commerce along the lines of Amazon.
Several other Internet-based companies also saw their shares
rise Wednesday, with gains from Yelp Inc. (YELP), up by 3% at
$92.65; Pandora Media Inc. (P), which rose almost 3% to $35.16 and
Twitter Inc. (TWTR), up 2.2% to trade at $55.20.
Twitter seemed to show no ill effects from what the company
called a "service issue" that shut down the messaging and
information site for most of an hour on Tuesday.
Gains also came from Apple (AAPL), Netflix Inc. (NFLX) and Cisco
Systems Inc. (CSCO).
Microsoft Corp. (MSFT) edged up by 17 cents a share to $38.19.
Late Tuesday, the world's largest software company said it
appointed ValueAct Capital president Mason Morfit to the Microsoft
board of directors. Microsoft also declared its annual quarterly
dividend payment of 28 cents a share, payable on June 12.
Optical networking technology company Infinera Corp. (INFN)
climbed almost 13%, to $9.54, as Goldman Sachs analyst Simona
Jankowski upgraded the stock to buy from neutral.
3D Systems Inc. (DDD) nearly got back into positive territory,
but was still down by 31 cents a share at $61.72. Barron's
mentioned 3D Systems in an article over the weekend that was
critical of the 3-D printing technology industry.
King Digital Entertainment Plc also garnered some attention as
the maker of the popular "Candy Crush Saga" mobile phone game set a
range of $21 to $24 a share for its upcoming IPO, which is expected
in late March.
The Nasdaq Composite Index (RIXF) rose 8 points to 4,315.
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