TECH STOCKS: Yahoo, Lexmark Gain As Most Techs Fall

By Rex Crum, MarketWatch

SAN FRANCISCO (MarketWatch) -- Tech stocks put in a mixed performance Monday, with Yahoo Inc. among the advancers, but several sector leaders fell as U.S. markets assessed the implications of the sequester cuts to federal spending.

Yahoo shares ( YHOO ) rose about 2% at $22.34 after Barclays analyst Anthony DiClemente raised his rating on the company's stock to overweight, or the equivalent of buy, from equal weight. DiClemente also raised his price target on Yahoo to $26 a share from $22.

In a research note, DiClemente said he believes "the value of Yahoo's minority stakes in Alibaba Group and Yahoo Japan are not fully reflected" in the company's current share price.

Printing technology company Lexmark International Inc. ( LXK ) was up by more than 4% to $22.69 a share. Another Barclays analyst, Ben Reitzes, raised his rating on Lexmark to equal weight from neutral, mostly on the grounds that the stock's valuation has fallen to near his current target price of $21 a share.

Gains also came from Amazon.com Inc. ( AMZN ), International Business Machines Corp. ( IBM ), Salesforce.com Inc. ( CRM ) and Zynga Inc. (ZNGA).

Decliners included Apple Inc. ( AAPL ), which slipped to another 52-week low of $425.15, as well as Hewlett-Packard Co. ( HPQ ), Microsoft Corp. ( MSFT ), Netflix Inc. ( NFLX ) and Cisco Systems Inc. ( CSCO ).

The Nasdaq Composite Index (RIXF) gave up 8 points to fall to 3,161, while the Philadelphia Semiconductor Index (SOX) was also in the red.

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  03-04-131106ET
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