By Rex Crum, MarketWatch
A few heavyweights rise, but techs are broadly lower
SAN FRANCISCO (MarketWatch) -- Tech stocks were broadly lower
Friday, but LinkedIn Corp., Expedia Inc. and a few other sector
heavyweights scored notable gains. GoPro Inc. slumped after the
digital-camera maker's first quarterly report as a public
company.
LinkedIn (LNKD) shares climbed more than 10% to $199.03 after
the online professional-services company reported on Thursday a
second-quarter loss of $934,000, or a penny a share, on revenue of
$533.9 million. During the same period a year ago, LinkedIn earned
$3.7 million, or 3 cents a share, on $363.7 million in sales.
However, excluding one-time items, LinkedIn earned 51 cents a
share, which surpassed analysts estimates for a profit of 39 cents
a share.
Expedia (EXPE) was also having a strong day, with its shares
rising 6.5% to $84.46. On Thursday, the online travel agency
reported better-than-expected second quarter results, with gross
bookings rising 29% from a year ago due to strong gains in the
number of hotel rooms and airline tickets booked during the
quarter.
Among other leading tech stocks, gains came from Apple Inc.
(AAPL), Microsoft Corp. (MSFT) and Facebook Inc. (FB).
GoPro (GPRO), however, was mired in the red, with its shares
falling more than 10%, to $42.91.
The digital-camera maker, which just went public on June 26,
reported on Thursday a loss of $19.8 million, or 24 cents a share,
on $244.7 million, compared with a loss of $5.1 million, or 6 cents
a share, on $177.1 million. Excluding one-time items, GoPro earned
8 cents a share, while analysts surveyed by FactSet had forecast
earnings of 7 cents a share on $238 million in revenue.
The Nasdaq Composite Index (RIXF) fell 5 points to 4,363, while
the Philadelphia Semiconductor Index (SOX) rose by 0.4%.
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