By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks showed a few signs of
life Tuesday, with small gains from the likes of Seagate Technology
and Fusion-io Inc., but the overall sector put in another day of
losses following the previous day's broad declines.
Seagate (STX) shares rose 1% to $45.61 after the hard-disk drive
maker said it purchased 32.7 million shares of its stock from
Samsung Electronics Co. Samsung had received 45 million shares of
Seagate stock when Seagate bought Samsung's hard-disk drive
division in 2011. Samsung still owns about 12.5 million shares of
Seagate stock.
Memory-technology company Fusion-io (FIO) rose almost 7% to
$14.65 a share, and small gains also came from Nvidia Corp. (NVDA),
Western Digital Corp. (WDC) and Apple Inc. (AAPL).
Apple rose $2.34 a share, to $490, following reports that the
company will expand its iTunes Radio service to the United Kingdom
and Canada by early 2014. Pandora Media Inc. (P), which is
considered the leading Internet radio company, yet doesn't have
service agreements in the U.K. or Canada, was down by 2.7%, at
$25.59 a share.
Hewlett-Packard Co. (HPQ) was off by 1%, at $20.70 a share, a
day ahead of the company's annual meeting with Wall Street
financial analysts.
Amazon.com Inc. (AMZN) shed 1%, to $307 a share, and IBM Corp.
(IBM) was also down by about 1%, at $180.31. A U.S. federal court
ruled in favor of Amazon in a case involving a cloud computing
contract with the Central Intelligence Agency. IBM wanted the
government to reopen the $600 million contract, which the CIA had
awarded to Amazon.
Social-networking stocks were having a rough day, with LinkedIn
Corp. (LNKD) off by 4.6% at $226.20; Angie's List Inc. (ANGI) down
almost 4%, at $15.48, Facebook Inc. (FB) falling 3%, to $49.01 and
Yelp Inc. (YELP) off by 4.5%, at $66.83 a share.
The Nasdaq Composite Index (RIXF) fell 20 points to 3,750 and
the Philadelphia Semiconductor Index (SOX) was also in the red.
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