By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Shares of Juniper Networks
rallied Monday morning after shareholder Elliott Management
unveiled what it called "value plan" for the networking gear
company, as the tech sector also got a lift from gains in shares of
Twitter Inc. and Apple Inc.
Juniper (JNPR) was up nearly 8% to $25.40 after shareholder
Elliott Management, which owns 6.2% of Juniper's shares, presented
a plan that it said would lift the stock to $35 to $40 a share
through share buybacks, reducing expenses and streamlining its
business operations.
The tech sector also got a boost from shares of Twitter (TWTR) ,
which were up 3% to $58.63 and Apple Inc.(AAPL) , which was up more
than 1% to $539.15.
Hewlwett-Packard (HPQ) also saw its stock gain 3.4%, while Intel
(INTC) and Google (GOOG) gained more than 1%.
On the downside, shares of Groupon Inc. (GRPN) were off more
than 2% after the online daily deals site announced that it has
acquired ideeli, an online flash-sale fashion retailer, for $43
million in cash. Also in the red were shares of Facebook Inc. (FB)
and Microsoft Corp., (MSFT) each down 1%.
The Nasdaq Composite Index (RIXF) was ahead by 0.1% at 4,177.
The Morgan Stanley High Tech 35 Index (MSH) and the Philadelphia
Semiconductor Index (SOX) were each up a fraction.
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