By Rex Crum, MarketWatch
Tech stocks began the week with another session of losses as
nearly every big-name sector leader ended the day in the red and
contributed to the tech-heavy Nasdaq Composite Index posting its
biggest three-day loss in almost three years.
The Nasdaq (RIXF) fell almost 48 points, or 1.2%, to close
Monday at 4,079. For the past three market sessions, the Nasdaq has
given up 4.7%.
Among leading tech stocks, Microsoft (MSFT) shares shed 7 cents
to close at $39.80, Apple Inc. (AAPL) gave up $8.35 a share to
close at $523.47, eBay Inc. (EBAY) fell almost 2% to $52.95 and
Yahoo Inc. (YHOO) ended the day with a loss of 3.5% at $33.07.
A report in The Wall Street Journal said Yahoo is working on
plans for more video content, including the acquisition of original
programming.
Declines came from Groupon Inc. (GRPN), LinkedIn Corp. (LNKD),
NetApp Inc. (NTAP) and Pandora Media Inc. (P), which fell by $1.41
a share,or almost 5%, to close at $26.99 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.
The few gainers included IBM (IBM), which rose $2.75 a share to
$194.52, Facebook Inc. (FB), up by 20 cents a share to close at
$56.95 and Netflix (NFLX), which rose 69 cents a share to end the
day at $338.
Netflix appeared to get a mild 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 24 cents to $66.
Intel Corp. (INTC) rose 1.2% to $26.48 after Pacific Crest
Securities analyst Michael McConnell raised his rating on the chip
maker to outperform.
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