By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Shares of Yelp Inc. retreated
Monday after being downgraded by UBS, but technology stocks edged
higher aided by gains in shares of NetApp Inc.
Yelp (YELP) shed 2% to close at $38.67 after UBS analyst Eric
Sheridan cut the stock's rating to neutral from buy, saying
"valuation pushes us to the sidelines."
Sheridan noted that Yelp has outperformed the market, as he
maintained a "bullish view of Yelp's business fundamentals." The
online-business-review site's shares have risen more than 100%
since the beginning of the year.
On the other hand, shares of NetApp Inc. (NTAP) were up 2% to
close at $40.10 , after Morgan Stanley upgraded the stock to
overweight from equal weight, citing signs of strong
data-storage-systems demand.
The sector also got a lift from gains in shares of Microsoft
Corp.(MSFT) , Apple Inc. (AAPL) and Hewlett-Packard (HPQ) . H-P
announced that its board had named three new board members,
including former Microsoft Chief Software Architect Raymond
Ozzie.
Meanwhile, other major tech issues were in the red, including
Cisco Systems Inc. (CSCO) , Dell Inc. (DELL) and Nvidia Corp.
(NVDA)
The Nasdaq Composite Index (RIXF) added 7 points, or 0.2%, to
close at 3,607. The Morgan Stanley High Tech 35 Index (MSH) was
also up a fraction, while the Philadelphia Semiconductor Index
(SOX) slipped 0.1%.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires