By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks began a shortened
trading week with broad gains Tuesday, with Apple Inc. among the
advancers as the consumer-electronics giant's shares climbed to
their highest level in almost two years.
U.S. stock markets were closed Monday for the Memorial Day
holiday.
Apple (AAPL) rose more than 1% to $621.46, as the iPhone and
iPad maker's stock reached a point not seen since July 2012. Apple
has a busy two weeks ahead, as the company will kick off its annual
developers conference on June 2. That same day, shareholders of
record will be in line for a 7-for-1 split of Apple's stock, which
will take effect on June 9.
Among other leading tech stocks, gains came from Facebook Inc.
(FB), Adobe Systems Inc. (ADBE), Cisco Systems Inc. (CSCO) and
Pandora Media Inc. (P).
Network security technology company Palo Alto Networks Inc.
(PANW) shares rose almost 3%, to $68.92 a share as Nomura analyst
Frederick Grieb raised his rating on the stock to buy from neutral,
and lifted his price target to $80 a share from $68.
In a research note, Grieb said Palo Alto's business fundamentals
remain strong and that Juniper Networks Inc. (JNPR) will soon
settle an outstanding lawsuit against Palo Alto.
Tibco Software Inc. (TIBX) rose more than 6% to $21.34 a share,
following reports out of Germany that SAP AG (SAP) may be looking
at acquiring the business-intelligence software company.
The Nasdaq Composite Index (RIXF) rose 39 points, or almost 1%,
to 4,225. The Philadelphia Semiconductor Index (SOX) also rose by
1%.
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