By Rex Crum, MarketWatch
Tech stocks showed signs of weakness in afternoon trading
Monday, with Microsoft Corp., IBM Corp. and Netflix Inc. among the
few sector leaders that managed to eke out some gains on another
broadly negative day for the tech sector.
Microsoft (MSFT) shares added 9 cents to reach $39.96, IBM (IBM)
was up by $2.22 at $193.89 a share, and Netflix (NFLX) edged up by
74 cents to $338.05.
Netflix appeared to benefit from a rating upgrade by Oppenheimer
analyst Jason Helfstein, who raised his rating on the company to
outperform from perform. Helfstein also raised his rating on Yelp
Inc. (YELP), and the Internet-based consumer review and information
company's shares rose 53 cents to $66.29.
Intel Corp. (INTC) got a lift and rose 1.7% to $26.62 after
Pacific Crest Securities analyst Michael McConnell raised his
rating on the chip maker to outperform.
Declines came from Pandora Media Inc. (P), which slipped by
$1.21 a share to $27.17 even though Wedbush Equity Research analyst
Michael Pachter raised his rating on the Internet radio company to
outperform from neutral and maintained his $35-a-share price
target.
Yahoo Inc. (YHOO) was off by $1 a share at $33.26. A report in
The Wall Street Journal said Yahoo is working on plans for more
video content, including the acquisition of original
programming.
The Nasdaq Composite Index (RIXF) shed almost 50 points to fall
to 4,079, while the Philadelphia Semiconductor Index was also in
negative territory.
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