By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks put in a mixed market
performance Thursday, with Pandora Media Inc. rising a day after
naming a new chief executive, and Netflix Inc. losing ground
following a pair of broker downgrades.
Pandora (P) rose 12%, to a 52-week-high of $23.97 a share after
the Internet radio company on Wednesday named Brian McAndrews as
its new chief executive. McAndrews replaces longtime CEO Joe
Kennedy, who said in March that he would retire.
McAndrews previously headed digital advertising company
aQuantive, before Microsoft Corp. (MSFT) purchased the firm for
$6.2 billion in 2007. Mark Mahaney, an analyst with RBC Captial
Markets, said McAndrews appointment is "a positive for Pandora," as
the company works to expand its advertising efforts, especially in
the mobile-device market.
Netflix Inc. (NFLX) shed more than 2% to close at $301.41.
Morgan Stanley analyst Scott Devitt lowered his rating on Netflix
to equal weight from overweight, and Richard Greenfield, of BTIG,
cut his rating on the stock to neutral from buy.
Both analysts said the main reason for their actions was the
valuation of Netflix's stock, which has more than tripled in price
this year. The moves also come after Netflix premiered its latest
original series, "Derek", which stars, and was created by Ricky
Gervais.
Dell Inc. (DELL) broke even to close at $13.85 after the
computer giant's shareholders approved a plan by CEO Michael Dell
to take Dell private at $13.88 a share.
Yahoo Inc. (YHOO) shares rose 1.6%, to $29.65. On Wednesday,
Yahoo CEO Marissa Mayer told the TechCrunch Disrupt SF Conference
that Yahoo has topped 800 million active monthly users.
Other gains came from Groupon Inc. (GRPN), which rose almost 2%,
to $11.76, Apple Inc. (AAPL), NetApp Inc. (NTAP) and Qualcomm Inc.
(QCOM).
The Nasdaq Composite Index (RIXF) rose 9 points to 3,715 and the
Philadelphia Semiconductor Index (SOX) ended the day down by
0.6%.
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