Top Tech Stocks
Technology stocks are ending slightly lower this afternoon with
shares of technology companies in the S&P 500 giving back small
gains earlier today to now trade 0.2% lower.
In company news, Facebook Inc. (
) is finishing nearly 4% higher at $49.04 a share, climbing to
all-time of $49.66 after analyst Mark May at Citigroup raised his
rating for the social network's shares to Buy from Neutral and
increasing his price target by almost 72% to $55 a share.
"Following several conversations with advertisers and agencies
we believe the factors driving the sudden inflection and growth in
the second quarter are sustainable," May wrote in a new research
note today, later citing "a number of factors" that should
contribute to further growth and gains.
May's new price target matches the highest price among analysts
polled by Bloomberg. He previously had a $32 a share target for FB
stock, which has jumped over 80% in value over past two months,
finally closing above its initial public offering price of $38 a
share on Aug. 2.
In other sector news,
(+) AMAT, Chip-maker agrees to merge with semiconductor and
flat-panel supplier Tokyo Electron Ltd. through an all-stock
combination. AMAT shareholders will own 68% of the combined
companies, which will be led by AMAT Chief Executive Gary
(-) CY, Reduces Q3 guidance, citing greater-than-expected
weakness in mobile handset revenues, mainly within Asia due to a
customer push out of certain new handset programs to Q1.
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