By Benjamin Pimentel, MarketWatch

Shares of BlackBerry Ltd. rallied Tuesday on news that hedge fund Third Point, led by investor Dan Loeb, has acquired a huge stake in the struggling handset maker which also scored an upgrade from FBR Capital.

BlackBerry (RIMM) was up more than 6% at $9.52 after Third Point disclosed Friday that it has taken a 10-million-share stake in the mobile computing company.

On Tuesday, FBR Capital analyst Scott Thompson upgraded BlackBerry to market perform from underperform based on recent changes at the company, including "a refreshed management team that appears focused on forging a reasonably direct path to profitability" and "a slow, yet decisive and strategic shift away from the competitive consumer smartphone business into four more promising divisions."

The BlackBerry rally helped lift tech stocks as the Nasdaq Composite Index (RIXF) edged higher by a fraction to 4,264. The Morgan Stanley High Tech 35 Index(MSH) was up 0.1%, while the Philadelphia Semiconductor Index (SOX) shed 0.1%.

Other gains from Twitter Inc. (TWTR) and Apple Inc.(AAPL), which were each up 1%.

On the downside, shares of Facebook Inc.(FB) , Hewlett-Packard (HPQ) and Intel Corp. (INTC) were each down a fraction.

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