By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Apple Inc. reached another
52-week-high as eBay Inc. falls in early trading following the
departure of a key executive.
Apple (AAPL) rose $1.05 a share to $95.05 one day after the
company had a 7-for-1 stock split. Analysts that follow Apple say
the next catalyst for the company will be the release of products
that could include an Apple-branded television and what is being
called the iWatch.
EBay (EBAY) was down by more than 2% at $48.45 a share. On
Monday, eBay said David Marcus, president of PayPal, is leaving the
company to become head of messaging products at Facebook Inc.
(FB).
Chad Bartley, an analyst with Pacific Crest Securities, said
Marcus' departure "will be a negative for eBay and could pressure
[the company's] shares in the near term," and raises questions
about the long-term growth outlook for PayPal.
Facebook shares rose 2.5% to $64.47.
Online gaming company Zynga Inc. (ZNGA) rose more than 6% to
$3.19 a share after UBS analyst Eric Sheridan said he remains
"constructive" about Zynga's long-term prospects following a
meeting with company Chief Financial Officer David Lee.
Intel Corp. (INTC) rose 1.3% to $28.27, Nvidia Corp. (NVDA) was
breaking even at $19.05 and Broadcom Corp. (BRCM) slipped by 7
cents a share to $38.05. Canaccord Genuity analyst Matthew Ramsay
on Tuesday resumed coverage on all three chip companies with hold
ratings.
Among other tech stocks, gains came from Netflix Inc. (NFLX),
Twitter Inc. (TWTR), Amazon.com Inc. (AMZN) and Cisco Systems Inc.
(CSCO).
The Nasdaq Composite Index (RIXF) was off by 4 points at 4,331
while the Philadelphia Semiconductor Index (SOX) managed to eke out
a small gain.
More tech news from MarketWatch:
Gamers name Sony victorious over Microsoft at E3
Next up for Apple: new product releases
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