TECH STOCKS: GoPro Doesn't Disappoint In Public Debut

By Dow Jones Business News, 

By Rex Crum, MarketWatch

SAN FRANCISCO (MarketWatch) -- The surging share price of digital-sport camera maker GoPro garnered much of the market's attention following the company's IPO Thursday, while the broader tech sector saw a mixed performance.

GoPro ( GPRO ) shares surged more than 30% to close at $31.34 as the company went public in an IPO that opened at $24 a share. GoPro sold 17.8 million shares and raised almost $430 million in its IPO.

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Zulily ( ZU ) added to its prior-day's gains by rising 1% to close at $40.30 after RBC Capital Markets analyst Mark Mahaney raised his rating on the online retailer to outperform from sector perform. Mahaney cited positive customer- satisfaction data and an expansion beyond children's apparel as reasons for his upgrade. Mahaney set a price target of $ 50 on Zulily's stock.

Mahaney's was the second upgrade in as many days for Zulily. On Wednesday, Goldman Sachs analyst Debra Schwartz raised her rating on the company to buy from neutral and lifted her price target to $50 a share from $47.

Mild gains came from Twitter Inc. ( TWTR ), Yahoo Inc. ( YHOO ) and Hewlett-Packard Co. ( HPQ )

The tech-heavy Nasdaq Composite Index (RIXF) nearly reclaimed all its losses before closing down almost 1 point at 4,379, while the Philadelphia Semiconductor Index (SOX) gave up 0.4%.

More must-read news from MarketWatch:

Four things GoPro must do to succeed

Zulily upgrades signal a burgeoning trend

China pulling plug on U.S. mainframe makers

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This article appears in: Commodities

Referenced Stocks: GPRO , HPQ , TWTR , YHOO , ZU

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