By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks were broadly lower
Monday, with the S&P 500's information technology sector
declining the most among the index's ten sectors in early
trading.
Microsoft Corp. saw declines after the company said it would
acquire the maker of the popular "Minecraft" game franchise for
$2.5 billion.
Microsoft (MSFT) shares slipped by 30 cents to $46.41 after it
confirmed reports that it will acquire Stockholm-based Mojand, the
developer of "Minecraft." Mojang will become part of Microsoft
Studios, which also includes the developers of such popular game
titles as "Halo" and "Forza." Microsoft is expected to use
Minecraft's popularity to increase demand for its mobile
devices.
Security software company Symantec Corp. (SYMC) was off by 2% at
$24.08 a share. RBC Capital Markets cut its rating on Symantec to
sector perform from outperform Monday.
Cloud-computing company Rackspace Hosting Inc. (RAX) gave up
4.6% to fall to $36.75 a share after analysts at J.P. Morgan Chase
downgraded the stock to neutral from overweight.
Other notable declines came from LinkedIn Corp.(LNKD), which was
down 4% at $215.85; Seagate Technology (STX), which shed 2.7% to
fall to $59.35 a share, and Netflix Inc. (NFLX), down by 2% at $466
a share. On Monday, Netflix launched its online video-streaming
service in France.
Apple Inc. (AAPL) managed to remain above water, rising 57 cents
a share to $102.24. On Friday, Apple said it had received a record
number of pre-orders for its new iPhone 6 and iPhone 6 Plus
smartphones.
The Nasdaq Composite Index (RIXF) fell 33 points to 4,534 and
the Philadelphia Semiconductor Index (SOX) was also in the red.
(Read more about the day's market activity in Market Snapshot
http://www.marketwatch.com/story/us-stocks-futures-nudge-lower-as-investors-wait-for-fed-2014-09-15.).
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