Facebook gains slightly, but most techs slip
SAN FRANCISCO (MarketWatch) -- Tech stocks trimmed their losses in late trading Monday, but most of the sector's leaders closed in the red and
Facebook (FB) ended the day with a gain of 44 cents a share, or 1.4%, to close at $32.17. On Friday, the company and Yahoo Inc. settled a patent dispute and formed a new advertising and content-sharing partnership.
So Young Lee, an analyst with SunTrust Robinson Humphrey, said in a research note that it was in Yahoo's interest to make peace with Facebook. "Many investors felt the lawsuits were unnecessary distraction from the company's turnaround efforts," Lee said.
Another potential helper for Facebook's shares may be a report from FINS.com that suggests the company is moving harder into the market for job postings.
Yahoo (YHOO) shares ended the day off by 3 cents $15.76.
In addition to Facebook, the few tech-sector leaders to rise included
ServiceNow's successful IPO was seen by some as helping to boost the efforts of Palo Alto Networks Inc. and Kayak Software Corp., both of which on Monday set terms for their upcoming IPOs.Read more about the upcoming IPOs in IPO Report.
Losses also came from
The losses contributed to the Nasdaq Composite Index (COMP) giving up more than 5 points to close at 2,931. The Philadelphia Semiconductor Index (SOX) and the Morgan Stanley High Tech 35 Index (MSH) were each off more than 1%.
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