By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Technology trading was mixed on
Friday, as the sector got a lift from gains in Facebook Inc., Apple
Inc. and chip makers, led by Broadcom Corp., whose products are
said to be in the new iPhones.
Shares of two tech companies roughly doubled on their first day
of trading following initial public offerings.
But sliding shares of Intel Corp (INTC) and Microsoft Corp.
(MSFT) weighed down the group.
Apple (AAPL) was up nearly 1% as the iPhone 5S and 5C went on
sale with reports of long lines at stores.
Shares of some chip makers also jumped on reports based on at
least one tear-down analysis showed that Apple used their
microprocessors in the new Apple products.
Broadcom Corp. (BRCM) were among the gainers, with its stock
rising 1.4%.
Benchmark analyst Gary Mobley said in a note to clients that a
tear-down analysis conducted by iFixit of iPhone 5C and 5S models
showed that "most component suppliers featured in the iPhone 5 are
also included in the 5s/5c including Broadcom as the combo
connectivity chip supplier and supplier for the touch screen
controller IC."
"Broadcom's inclusion should, at least for the moment, alleviate
investor fears that Apple is developing its own connectivity
silicon or possibly using another merchant supplier," Mobley
wrote.
The iFixit report also mentioned iPhone components from Avago
Technologies, Skyworks Solutions and TriQuint Semiconductor. Avago
(AVGO) climbed 3.2%, while Skyworks (SWKS) firmed 1% and TriQuint
(TQNT) gained 2%.
Facebook Inc. (FB) also advanced nearly 1% after Cowen analysts
upgraded the stock to outperform from market perform, and raised
their price target to $53 from $29.
Two tech firms added some fuel on the Nasdaq.
Shares of Rocket Fuel (FUEL) more that doubled as the automated
ad buying platform company began trading under the ticker symbol
"FUEL."
Rocket Fuel, which is based in Redwood City, Calif., and whose
technology is geared to helping marketers buy Web ads, sold 4
million shares at $29 a share, the high end of a revised range of
$27 to $29.
The stock was last up 95% at $56.54.
Shares in FireEye inc. (FEYE) , a network security systems
company, soared more than 100% on its debut.
The Milpitas, Calif.-based firm sold 15.2 million shares at $20
a share, above its proposed range of $15 to $17. The stock was last
trading up 113% at $42.50.
Despite the gains, the Nasdaq Composite Index (RIXF) traded
flat, last down less than a point to 3,789. The benchmark was
poised to end the week up 2%.
The Philadelphia Semiconductor Index (SOX) was also down a
fraction, as shares of Intel Corp.(INTC), Texas Instruments (TXN)
and Nvidia Corp. (NVDA) slipped.
A notable decliner was Microsoft Corp. (MSFT), shares of which
shed more than 2% a day after the company's meeting with
analysts.
Microsoft was the top decliner on the Dow Jones Industrial
Average (DJI) which was down 53 points.
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