By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Technology stocks managed to
recover from consecutive days of losses, posting solid results on
Wednesday. The tech resurgence was led by digital-camera maker
GoPro Inc.
GoPro (GPRO) rose more than 7%, to close at $78.46, more than
three times the $24-a-share the company priced its IPO when it sold
its shares public in late June. Rumors that GoPro could release a
new camera in October may have contributed to some of the stocks
gains.
Among other names riding tech's rise was Pandora Media Inc. (P),
eBay Inc. (EBAY), Yahoo Inc. (YHOO) and Netflix Inc. (NFLX)
Amazon.com Inc. (AMZN) shares rose 1.4% to close at $328.21. An
uptick in the e-retailers shares may be attributed to a survey by
analysts at William Blair, which found that prices of goods
purchased from Amazon were, on average, 6% lower than those
purchase in retail stores. The survey, which analyzed 4,000
randomly selected items, also found that in states where Amazon
doesn't collect sales tax, its prices average 12% to 13% less than
traditional outlets.
One big tech giant not benefiting from the Silcon Valley buzz
was Apple Inc. (AAPL). The Cupertino, Calif., shed almost 1% to
close at $101.75. News that Apple said pulled an update to its
recently released iOS 8 operating system following complaints that
the update caused malfunctions with several features of the iPhone
6 (and the bendabilty of the iPhone 6 Plus) dragged shares
lower.
Overall, tech-laden Nasdaq Composite Index (RIXF) climbed more
than 46 points, or 1%, to close at 4,555 and the Philadelphia
Semiconductor Index (SOX) ended the day up by 1.2%.
(Read more about the broader stock market in Movers &
Shakers
http://www.marketwatch.com/story/bed-bath-beyond-kb-home-jabil-likely-in-focus-2014-09-24.).
Subscribe to WSJ: http://online.wsj.com?mod=djnwires