By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks showed some signs of
wavering as trading progressed Wednesday, with Facebook Inc. among
the decliners as the social-networking leader's shares went into
the red after surpassing their IPO level of more than a year
ago.
Facebook (FB) fell 3%, to $36.51 after rising to as high as
$38.31 and getting past the $38-a-share price it set when the
company went public in May 2012.
On Tuesday, Facebook said it is launching a new program to help
developers publish and promote mobile games over Facebook's
platform.
Dell Inc. (DELL) also stood out, as its shares fell 3% to
$12.48. A special committee of Dell's board of directors rejected a
proposal supported by Chief Executive Michael Dell that would
change the voting standard for Dell's effort to take the PC company
private.
Michael Dell was trying to change the standard so that non-votes
on the privatization would not be counted. The current standard
treats non-votes the same as votes against the deal.
Yelp Inc. (YELP) shed 3%, to fall to $40.49 a share. The online
local-recommendation company is scheduled to report quarterly
results after Wednesday's market close.
Riverbed Technology Inc. (RVBD) was one of the tech sector's
biggest percentage decliners, falling more than 11% to $15.56. The
computer-networking equipment maker said late Tuesday that it swung
to a second-quarter loss and reported revenue of $250 million,
which fell below analysts' forecasts.
Decliners also came from Apple Inc. (AAPL), Oracle Corp. (ORCL),
Yahoo Inc. (YHOO) and Netflix Inc. (NFLX).
Despite the broad losses, the tech-heavy Nasdaq Composite Index
(RIXF) remained up by 12 points to 3,628 and the Philadelphia
Semiconductor Index (SOX) was also on the rise.
Symantec Corp. (SYMC) rose 8.4% to $26.39 a share. Late Tuesday,
the security-software company's reported fiscal first-quarter
results that exceeded Wall Street analysts' forecasts.
Videogame publisher Take-Two Interactive Software Inc. (TTWO)
was up 2.7% at $17.44 a share. The company reported upbeat
quarterly results on Tuesday and set a Sept. 17 release date for
its coming "Grand Theft Auto V" title.
Garmin Ltd. (GRMN) leapt more than 6%, at $39.62, a share after
the maker of personal-navigation devices reported
better-than-expected second-quarter results before the market
open.
Intersil Corp. (ISIL) climbed more than 7%, to $9.95 a share,
following the power-management technology company's late-Tuesday
quarterly results. Nedham & Co. raised its rating on Intersil
to buy from hold on Wednesday.
Among other leading tech stocks, gains came from Hewlett-Packard
Co. (HPQ), Pandora Media Inc. (P), Microsoft Corp. (MSFT) and
Qualcomm Inc. (QCOM)
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