By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Facebook Inc. shares rose Friday,
getting a lift from a UBS upgrade, but the tech sector took a hit
from slumping shares of Oracle Corp. and Zynga Inc.
Facebook (FB) gained 2.6% to close at $24.53, a day after the
social network rolled out a video feature for its popular Instagram
photo-sharing service.
UBS analyst Eric Sheridan upgraded the stock to buy from
neutral, citing Facebook's "focused monetization efforts."
But shares of Oracle (ORCL) tumbled 9.3% to close at $30.14, a
day after the Redwood City, Calif.-based technology company
reported revenue that fell short of expectations.
Oracle was the top decliner on the S&P 500 (SPX) which was
up a fraction.
Zynga (ZNGA) shares fell 5.1% to close at $2.71. Morgan Stanley
downgraded the stock to underweight from equal weight.
Analyst Scott Devitt cited Zynga's updated guidance and its plan
to cut 18% of its workforce, saying those moves show "that its
transition may take longer / cut deeper than we thought just a few
months ago."
The Nasdaq Composite Index (RIXF) shed 7 points, or 0.2%, to
close at 3,357. The benchmark ended the week down 2%.
The Morgan Stanley High Tech 35 Index (SPX) was also down a
fraction, while the Philadelphia Semiconductor Index (SOX) eked out
a fractional gain, as shares of Advanced Micro Devices (AMD) and
Intel Corp. (INTC) advanced.
On the downside, shares of Hewlett-Packard (HPQ) lost 2.3% to
close at $24.15, while Apple Inc. (AAPL) fell 1% to close at
$413.50. IBM Corp (IBM) also gave up 1% to close at $195.46.
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