TECH STOCKS: Yahoo Slumps While Most Tech Stocks Rally
By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- The tech sector started the week with broad gains on Monday, but several important companies, including Yahoo Inc., notched declines.
Yahoo (YHOO) shares fell almost 6%, to close at $34.81, after the Chinese Internet giant Alibaba reported a slowdown in revenue for the year. Alibaba is preparing to go public this year, and Yahoo owns a 24% share of the company.
Fusion-io Inc. ( FIO ) was a big winner Monday, as the company's shares climbed 22.4% to close at $11.36. Before the market opened, SanDisk Corp. (SNDK) said it would acquire the flash-storage memory company for $1.2 billion. SanDisk shares rose 3.6% to close at $102.
Apple Inc. ( AAPL ) rose 1% to $92.20 a share. A profile of Apple Chief Executive Tim Cook in the New York Times suggested that Apple may be on track to release the so-called iWatch during its fiscal fourth quarter.
Gains also came from Twitter Inc. (TWTR), Microsoft Corp. (MSFT), Netflix Inc. (NFLX) and Micron Technology Inc. (MU).
The Nasdaq Composite Index (RIXF), which includes many leading tech stocks, rose 10.5 points to end the day at 4,321, while the Philadelphia Semiconductor Index (SOX) rose 0.6%.
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(END) Dow Jones Newswires 06-16-141620ET Copyright (c) 2014 Dow Jones & Company, Inc.