Tech Shares Give Back Small Mid-Day Rally, Closing Slightly Lower This Afternoon

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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. ( FB ) 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 Dickerson.

(-) 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.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: FB

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