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 2% closing at $27.45 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% to close at $54.86 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%,
closing at $24.66, while Cisco Systems (CSCO) climbed 1.2% to close
at $20.92. But the tech sector was weighed down by shares of
Twitter Inc.(TWTR) which shed 0.3% to close at $56.45 and Apple
Inc. (AAPL) which was off 0.5% to close at $554.99.
The Nasdaq Composite Index (RIXF) was down 0.1% to close at
4,024. The benchmark ended the week with a 0.6% gain. The Morgan
Stanley High Tech 35 Index (MSH) was up 0.2%, while the
Philadelphia Semiconductor Index (SOX) was up nearly 1%.
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