By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Technology stocks joined a broad
market rally Monday, propelled by rising shares of Microsoft Corp.
and Micron Technology.
Microsoft (MSFT) was up 1.7% to close at $40.99, one of the best
performers on the Dow Jones Industrial Average, (DJI) which was up
135 points.
Micron Technology (MU) climbed 8% to close at $23.66, the top
gainer on the S&P 500(SPX), which was up 0.5%.
Shares of AT&T (T) traded flat to close at $35.07. The
telecommunications company said Monday that its board of directors
approved a new plan to repurchase 300 million shares of stock, or
about 6% of its current shares outstanding.
On the downside, shares of BlackBerry Inc. (RIMM) shed 4% to
close at $8.08. The mobile technology company last week reported a
narrower-than-expected loss, but posted sales that were below
estimates. Credit Suisse on Monday downgraded the stock to
underperform from neutral.
"We are concerned by the level of free cash flow burn and the
ongoing pressure in services revenues and believe visibility on a
turnaround is very low," Credit Suisse analyst Kulbinder Garcha
told clients in a note.
The Nasdaq Composite Index (RIXF) rose 1% to close at 4,199. The
Philadelphia Semiconductor Index (SOX) was up 1.6%, while the
Morgan Stanley High Tech 35 Index (MSH) was up 0.8%.
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