By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Most of the tech sector started
the week in the red Monday, but Apple Inc. edged higher after
announcing that it sold more than 10 million units of its new
iPhone and iPhone 6 Plus smartphones over the weekend.
It was the first weekend that the new iPhones were on sale in
the U.S. and around the world. Apple Chief Executive Tim Cook said
the sales figures "exceeded our expectations" and that the company
was working on resolving supply issues that led to some customers
getting notices they would have to wait as long as four weeks to
get their phones.
Apple (AAPL) shares rose 42 cents to $101.36.
Data-storage technology company EMC Corp. (EMC) was also one of
the tech sector's few big-name stocks to rise, as its shares were
up 38 cents at $29.91. A report said EMC, which is facing pressure
from activist investor Elliott Management Corp., is considering
options that might include a merger with one of its rivals.
Small gains also came from Hewlett-Packard Co. (HPQ), GoPro Inc.
(GPRO) and Qualcomm Inc. (QCOM) .
The big story is still Alibaba Group Holding Ltd. (BABA), whose
shares pulled back by 3% to $90.94 following the Chinese Internet
giant's U.S. IPO on Friday. Alibaba said Monday that the bank's
leading the IPO have the option to purchase another 48 million
shares, which could lift the size of the e-commerce company's stock
offering from $21.8 billion to $25.03 billion--officially making it
the largest IPO ever.
Other decliners included Yahoo Inc. (YHOO), Netflix Inc. (NFLX),
Microsoft Corp. (MSFT) and Facebook Inc. (FB).
The tech-heavy Nasdaq Composite Index (RIXF) fell 39 points, or
almost 1%, to 4,539. The Philadelphia Semiconductor Index (SOX) was
also off by almost 1%.
(Read more about the day's market activity in Movers &
Shakers http://www.marketwatch.com/storyno-meta-for-guid.).
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