TECH STOCKS: Twitter Tumbles In Biggest One-day Dr
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Posted On: 12/30/2013 2:56:15 AM
TECH STOCKS: Twitter Tumbles In Biggest One-day Drop
By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Twitter Inc. tumbled Friday, the stock's biggest one-day drop, after the social network's shares were downgraded to sell.
Twitter (TWTR) shed 13% to close at $63.75, although the stock still ended the week with a 6.2% gain. Macquarie analyst Ben Schachter cut his rating to sell, citing a stock rally that he argued was unjustified.
"We believe nothing has changed in the fundamentals to justify the sharp rise in shares over the past few weeks," he told analysts in a note.
Other social stocks declined. Facebook (FB) gave up 4% to close at $55.44, while LinkedIn (LNKD) fell 2% to close at $216.35. Yelp Inc. (YELP) was down 3.3% to close at $65.92, while Groupon Inc. (GRPN) traded down 2.4% to close at $11.70.
Apple Inc. (AAPL) was another notable decliner, shedding nearly 1% to close at $560.09.
The Nasdaq Composite Index (RIXF) gave up 0.3% to close at 4,157, though the benchmark ended the week up 1.3%.
The Morgan Stanley High Tech 35 Index (MSH) fell 0.3%, while the Philadelphia Semiconductor Index (SOX) was up a fraction. Gains also came from Cisco Systems (CSCO) and Oracle Corp. (ORCL)
Other tech stories from MarketWatch:
Twitter cut to sell; analyst sees rally as based on "little new information"
Top tech trends in 2014 and what they mean to investors
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Twitter Inc. tumbled Friday, the stock's biggest one-day drop, after the social network's shares were downgraded to sell.
Twitter (TWTR) shed 13% to close at $63.75, although the stock still ended the week with a 6.2% gain. Macquarie analyst Ben Schachter cut his rating to sell, citing a stock rally that he argued was unjustified.
"We believe nothing has changed in the fundamentals to justify the sharp rise in shares over the past few weeks," he told analysts in a note.
Other social stocks declined. Facebook (FB) gave up 4% to close at $55.44, while LinkedIn (LNKD) fell 2% to close at $216.35. Yelp Inc. (YELP) was down 3.3% to close at $65.92, while Groupon Inc. (GRPN) traded down 2.4% to close at $11.70.
Apple Inc. (AAPL) was another notable decliner, shedding nearly 1% to close at $560.09.
The Nasdaq Composite Index (RIXF) gave up 0.3% to close at 4,157, though the benchmark ended the week up 1.3%.
The Morgan Stanley High Tech 35 Index (MSH) fell 0.3%, while the Philadelphia Semiconductor Index (SOX) was up a fraction. Gains also came from Cisco Systems (CSCO) and Oracle Corp. (ORCL)
Other tech stories from MarketWatch:
Twitter cut to sell; analyst sees rally as based on "little new information"
Top tech trends in 2014 and what they mean to investors
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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