TECH STOCKS: Netflix Among Gainers As Tech Stocks Advance

By Dow Jones Business News, 
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By Rex Crum, MarketWatch

SAN FRANCISCO (MarketWatch) -- Tech stocks closed with broad gains Tuesday, with Netflix Inc. among the advancers after Morgan Stanley gave a positive view of the online video-streaming company based on the potential for new gains in subscribers.

Netflix (NFLX) shares rose more than 3% to close at $443.65 after Morgan Stanley analyst Benjamin Swinburne started his coverage of the company with an overweight rating and $500-a-share price target. Swinburne said that Netflix's " proven success in [its] initial markets provides a roadmap to success in new markets" and that the company should be able to reach 110 million subscribers worldwide by 2020 due to increased rollout of broadband technology.

Micros Systems Inc. ( MCRS ) shares climbed nearly 15% to close at $66.33 following a report from Bloomberg that said Oracle Corp. (ORCL) is near a more-than-$5 billion deal to acquire the provider of software for hotels, restaurants and retailers.

Online travel agency Orbitz Worldwide Inc. (OWW) ended the day up by almost 5% at $8.50 a share. UBS analyst Eric Sheridan initiated coverage of Orbitz with a buy rating and $10-a-share price target due to the potential for gains from its hotel business.

Amazon.com Inc. ( AMZN ) dipped into the red, and gave up $2 a share to close at $325.62.7 a day ahead of a company event that is expected to involve the introduction of a smartphone from the online retailer.

Gains also came from Microsoft Corp. (MSFT), eBay Inc. ( EBAY ) and Facebook Inc. ( FB ).

The tech-heavy Nasdaq Composite Index (RIXF) rose 16 points to close at 4,337 while the Philadelphia Semiconductor Index (SOX) added 0.7% on the day..

More must-reads from MarketWatch:

Is a Kindle smartphone the wrong move for Amazon?

AT&T reportedly to carry Amazon smartphone

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  (END) Dow Jones Newswires
  06-17-141615ET
  Copyright (c) 2014 Dow Jones & Company, Inc.


This article appears in: Commodities

Referenced Stocks: AAPL , AMZN , EBAY , FB , MCRS

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