Apple hits all-time high to lead tech gains
SAN FRANCISCO (MarketWatch) -- Tech stocks ended the week on an upbeat note Friday, led by
Apple (AAPL) ended the day with a gain of $11.77 a share, or almost 2%, to post its highest- ever close at $648.11. The stock has gained almost 13% since a selloff in July that was sparked by disappointment with the company's earnings report.
Peter Misek of Jeffries & Co. raised his price target on Apple's stock to $900 a share from $800 on Friday. He wrote in a research note that checks with Asian components producers suggest Apple is close to launching a so-called iPad mini tablet that would be smaller than the current iPad, and that the company could show off the next iPhone at an event in September. Read more about the recent gains in Apple's stock.
Misek also said there is evidence that Apple is in production of its first television, which many are calling iTV, for now. Read Rex On Techs about the possibility of Apple acquiring Netflix for its TV push.
Along with Apple, gains also came from
With Apple in the lead, the Nasdaq Composite Index (COMP) rose more than 14 points to close at 3,076, while the Morgan Stanley High Tech 35 Index (MSH) edged into positive territory.
But, the Philadelphia Semiconductor Index (SOX) shed almost 1%, led by a big drop by Marvell Technology.
Marvell (MRVL) , which makes chips for wireless devices and communications products, saw its shares fall more than 14% to close at $10.54. Late Thursday, Marvell reported a 52% drop in its fiscal second-quarter earnings -- missing Wall Street's forecasts as the company warned of a "soft near-term demand environment."
Facebook (FB) shares continued to disappoint, falling more than 4% to close at $19.05. Just before the market closed, Facebook's stock dipped to $19 a share, or half its IPO price of $38 price.
Facebook's stock has taken a hard hit this week on concerns about more than 270 million shares that have become free from their post-IPO lockups, with many more to come later this year. Read full story about lockup pains for Facebook, Zynga and Groupon.
Groupon Inc. (GRPN) also had another rough day, as its shares fell 5%, to $4.75. Groupon's stock lost 36% during the week.
Analyst Ken Sena, of Evercore Partners, cut his rating on the online daily-deals company to underweight, or sell, from equal weight. Sena also slashed his price target on Groupon's stock to $3 a share from $6.50. In a research note, Sena said Groupon is likely to continue to burn through its cash, if billings continue to decline, which could offset future growth in the company's earnings.
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