By Benjamin Pimentel, MarketWatch
Shares of Hewlett-Packard, Pandora and Twitter rallied to lead
the tech sector higher on Wednesday.
H-P (HPQ) was up nearly 4% to $28.58. The Palo Alto,
Calif.-based technology giant was planning to cut 1,100 jobs in the
U.K., according to BBC News.
Twitter (TWTR) climbed nearly 5% to $43.40 leading a mini-rally
in social media stocks. Facebook (FB) was also ahead 2%, while
LinkedIn (LNKD) gained 1.3%.
Shares of Pandora Media (P) were up more than 5%. The online
radio company reported 1.49 billion listener hours for November, up
from 1.27 billion hours a year ago and 1.47 billion hours in
October. Active listeners rose to 72.4 million, a 16% increase from
November 2012, while Pandora's share of the U.S. radio market
climbed to 8.44%, up from 7.17% a year ago.
On the downside, shares of eBay Inc. (EBAY) shed 1%. Evercore
analyst Ken Sena downgraded the stock to equal weight from
overweight, citing potentially stiffer competition in the U.K.,
particularly for its mobile-payment business.
Shares of Apple (AAPL) and Cisco Systems (CSCO) were each down a
fraction, while Oracle Corp. (ORCL) slipped 0.1%.
The Nasdaq Composite Index (RIXF) edged higher by 0.3% to 4,050.
The Morgan Stanley High Tech 35 Index (MSH) and the Philadelphia
Semiconductor Index (SOX) were each up a fraction.
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