By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks added to their gains
in afternoon trading Wednesday, with Groupon Inc. and TiVo Inc.
rising among the advancers as the tech sector tried to shake off
big losses that dragged on the overall market in the prior trading
session.
Groupon (GRPN) rose more than 2% to $10.23. Chief Executive Eric
Lefkofsky told The Wall Street Journal that the online daily deal
and e-commerce company is planning to roll out a network of
warehouses across North America to support its growing Groupon
Goods business. The move is seen as putting Groupon in more
competition with the likes of Amazon.com Inc. and Overstock.com
Inc.
Amazon (AMZN) shares rose $1.28, to $282.37, while Overstock
(OSTK) rose by 1% to $29.08 a share.
TiVo (TIVO) climbed by 4.5%, to $11.47, after the TV set-top box
on company on Tuesday reported a fiscal second-quarter profit that
was boosted by gains from royalty and settlement payments from
Cisco Systems Inc. (CSCO) and Motorola.
Apple Inc. (AAPL) rose by 1%, to $493.31 a share as reports
increased about the company preparing to offer a new trade-in
program on used iPhones next month.
Gains also came from Hewlett-Packard Co. (HPQ), Microsoft Corp.
(MSFT), Netflix Inc. (NFLX) and Facebook Inc. (FB).
The Nasdaq Composite Index (RIXF) rose more than 24 points to
3,602 after giving up almost 80 points on Tuesday. The Philadelphia
Semiconductor Index (SOX) was up by 1.4%.
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