By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Shares of Symantec Corp. fell
Tuesday on news that a top executive is leaving, but the tech
sector got a lift from rallying shares of Facebook Inc., Yelp Inc.
and Advanced Micro Devices.
Symantec (SYMC) shed 0.7% to close at $23.05 a day after
announcing that Francis deSouza, the firm's president of products
and services, is departing on Dec. 1. DeSouza will become president
of Illumina, which develops systems for analysis of genetic
variation and biological function.
J.P. Morgan analyst John DiFucci told clients in a note, "We
view Mr. deSouza as a strong technology leader who will be missed
at Symantec and this may result in pressure on the shares."
Facebook (FB) edged up about 1% closing at $46.60. On the other
hand, Twitter Inc. (TWTR) shed 2.3% to close at $41.90.
Twitter, which went public last week, got a neutral rating from
Baird Equity Research and Susquehanna Financial Group.
"While we like Twitter's opportunity to benefit from (and drive)
the surge in social and mobile advertising, and our analyses of
four strategies to improve monetization underscore the optionality
for much higher earnings power, we are wary of current valuation
levels and await a better entry point to turn positive," Brian
Nowak of Susquehanna told clients in a note.
AMD (AMD) gained 3% to close at $3.44. The chip maker on Tuesday
said it has closed a deal for a $500 million secured revolving line
of credit.
Shares of Yelp Inc. (YELP) rose 3.8% to close at $65.13.
Jefferies analyst Brian Fitzgerald raised his price target on the
company's stock to $80 a share from $50.
In a research note, Fitzgerald said that the online review and
recommendation company's "depth and penetration of content is very
hard to replicate and is the company's core competitive advantage
against other players trying to enter the market."
The Nasdaq Composite Index (RIXF) eked out a fractional gain,
closing at 3,920. The Morgan Stanley High Tech 35 Index (MSH) and
the Philadelphia Semiconductor Index(SOX) were each up a
fraction.
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