TECH STOCKS: Tech Stocks Gain Behind Amazon, Synaptics

By Dow Jones Business News, 
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By Rex Crum, MarketWatch

SAN FRANCISCO (MarketWatch) -- An analyst's new upbeat view of Amazon.com Inc. and an acquisition by touchscreen technology company Synaptics Inc. highlighted activity in tech-sector trading Wednesday.

Amazon ( AMZN ) rose almost 1% to close at $335.20, after Goldman Sachs analyst Heath Terry added the company to his " conviction list" and maintained his buy rating on the stock. Terry also raised his price target on Amazon to $430 a share from $400. In a research note, Terry said he believes Amazon's investments in its Web Services business, Amazon Fresh delivery service and digital hardware are "driving incremental growth and furthering Amazon's high returns."

Synaptics (SYNA) shares climbed almost 29% to $85.78, after the touchscreen technology company said it would acquire Renesas SP Drivers for $475 million. Renesas makes semiconductors that are used to power the touchscreens in tablets and smartphones.

Synaptics also used the acquisition as a reason to raise its fiscal fourth-quarter sales outlook to between $300 million and $310 million from a prior forecast of $275 million to $295 million. Analysts surveyed by FactSet had forecast Synaptics to report sales of $285.6 million for the quarter.

Online professional services referral company Angie's List Inc. ( ANGI ) rose almost 8% to close at $12.39 a share. Before the market opened, Wunderlich Securities analyst Blake Harper raised his rating on Angie's List to buy from hold saying he expects the company to show "improving sales productivity, traction with the e-commerce marketplace, and the rollout of tiered pricing to all markets."

Memory chipmaker Micron Technology Inc. ( MU ) rose 5% to end the day at $30.99 after Bank of America/Merrill Lynch analysts raised their rating on the company to buy from underperform.

Gains also came from Pandora Media Inc. (P), Yahoo Inc. (YHOO), eBay Inc. ( EBAY ) and Netflix Inc. ( NFLX ).

The Nasdaq Composite Index (RIXF) ended the day down by 6 points at 4,331, while the Philadelphia Semiconductor Index (SOX) managed to edge its way into positive territory.

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  06-11-141614ET
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This article appears in: Technology , Commodities

Referenced Stocks: AMZN , ANGI , EBAY , MU , NFLX

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