By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Shares of Hewlett-Packard rallied
Tuesday on a J.P. Morgan Chase & Co. upgrade, while Facebook
Inc. gained on news that it is conducting a test on video ads, but
the tech sector was weighed down by losses in shares of Twitter
Inc. and Apple Inc.
H-P (HPQ) was up 3% after J.P. Morgan analyst Mark Moskowitz
raised his rating to buy, telling clients in a note that while
"challenges remain" for the Palo Alto, Calif.-based tech giant,
they "are easing."
For example, Moskowitz said the personal computer market appears
to be stabilizing, and he also pointed to signs of improvement in
the printer market.
Facebook (FB) also was up 2% after the social network announced
that it was conducting a test of video ads this week, confirming
speculation that it was considering rolling out the ad format seen
by analysts as a potentially rich revenue source.
Other gains came from Intel Corp. (INTC) which was up 1%, while
Cisco Systems (CSCO) climbed 1.6%. But the tech sector was weighed
down by shares of Twitter Inc.(TWTR) which shed 2% and Apple Inc.
(AAPL) which was off 0.2%.
The Nasdaq Composite Index (RIXF) was mostly flat, last trading
down 0.1% to 4,026. The Morgan Stanley High Tech 35 Index (MSH) was
up 0.4%, while the Philadelphia Semiconductor Index (SOX) was up
nearly 1%.
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