By Rex Crum, MarketWatch
Tech stocks started the week trading erratically Monday, as much
of the sector stumbled into the red early, then staged a comeback
on mild gains from Microsoft Corp., Facebook Inc. and Netflix
Inc.
Microsoft (MSFT) shares added 29 cents to reach $40.14, Facebook
(FB) was up by 89 cents at $57.69 and Netflix (NFLX) shares climbed
by more than $10, or 3%, to $57.76.
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 3% to $67.90.
Intel Corp. (INTC) got a lift and rose 2% to $26.65 after
Pacific Crest Securities analyst Michael McConnell raised his
rating on the chipmaker to outperform.
Declines came from Pandora Media Inc. (P), which slipped by 8
cents a share to $28.31 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 27 cents a share at $34.03. 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 10 points to slip to
4,122, while the Philadelphia Semiconductor Index edged its way
into positive territory with a small gain.
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