By Rex Crum, MarketWatch Zynga gains on upgrade; Juniper off
following CEO change
SAN FRANCISCO (MarketWatch) -- Tech stocks saw mixed trading
Tuesday during a relatively slow Veterans Day market session in the
U.S.
While U.S. stock markets were open Tuesday, city, state, and
federal offices were closed, as well as schools, libraries and
banks, and there was no mail delivery. Many companies were also
closed in observance of the holiday.
Among leading tech stocks, gains came from Amazon.com Inc.
(AMZN), Apple Inc. (AAPL), Netflix Inc. (NFLX) and Google Inc.
(GOOGL).
Social and mobile-gaming company Zynga Inc. (ZNGA) was up by
more than 4% at $2.59 a share. Analyst Brian Pitz of Jefferies
& Co. raised his rating on Zynga to buy from hold and set a
price target of $4.50 a share on the company's stock.
Decliners included Juniper Networks Inc. (JNPR), which lost more
than 4%, to $20.49 a share. On Monday, the networking equipment
maker said Chief Executive Shaygan Kheradpir had resigned and was
replaced by longtime company executive Rami Rahim. It was the
second time Juniper has replaced its CEO within a year.
Chinese e-commerce leader Alibaba Group (BABA) shed almost 3% to
trade at $115.60. Alibaba said it recorded nearly $9 billion in
sales on Nov. 11 in China on what is known as "Singles Day" in the
country. The sales are turning "Singles Day" into a bigger online
shopping day than Black Friday in the U.S.
The Nasdaq Composite Index (RIXF) edged up almost 4 points to
4,655, while the Philadelphia Semiconductor Index (SOX) slipped
into the red.
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