TECH STOCKS: Techs Edge Higher As Zynga, NetApp Rise

Date : 06/26/2012 @ 10:35AM
Source : Dow Jones News
Stock : Cisco Systems, Inc. (MM) (CSCO)
Quote : 31.44  -0.05 (-0.16%) @ 8:00PM

TECH STOCKS: Techs Edge Higher As Zynga, NetApp Rise

Zynga Inc. (MM) (NASDAQ:ZNGA)
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By Benjamin Pimentel, MarketWatch

SAN FRANCISCO (MarketWatch) -- Technology stocks were modestly higher on Tuesday, getting a lift from gains in shares of Zynga Inc. and NetApp Inc.

Zynga (ZNGA) was up 2.7% at $6.24 ahead of a company event in which the social gaming developer was expected to unveil new products.

NetApp (NTAP) added 2.7% to $30.98 as the data storage systems company kicked off its analyst event.

Meanwhile, Microsoft Corp. (MSFT) saw its shares rise 1% to $30.19, one of the top gainers on the Dow Jones Industrial Average(DJI) . The Dow was up 23 points as Wall Street welcomed news of modest improvement in housing prices.

The Nasdaq Composite Index (RIXF) edged higher by 0.7% to 2,856.

The sector was weighed down by losses in shares of Dell Inc. (DELL), Hewlett-Packard Co. (HPQ) and Cisco Systems Inc. (CSCO) as J.P. Morgan cautioned that the impact of the European financial crisis "will likely persist for years."

"We remain cautious on the global economy and its potential impact on overall IT spending and more specifically, the software sector," analyst John DiFucci said in a note on the software industry. "Europe, the financial services vertical, and U.S. government spending remain key areas of concern."

Shares of Synnex Corp. (SNX) were down more than 2% after the company posted a weaker-than-expected forecast.

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