By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks took a hard turn
south in late trading Monday as the sector mirrored the performance
of the broad market and closed with wide losses.
Not even Apple Inc. (AAPL) was able to maintain its early gains,
despite a report from Canaccord Genuity analyst Michael Walkley
that said surveys of consumers and supply chains indicate that
sales of the larger-screen iPhone 6 and iPhone 6 Plus show "a
greater mix of Android smartphone consumers switching to the iPhone
6 smartphone" than after the launch of Apple's iPhone 5 series of
phones.
Apple (AAPL) ended the day down by almost 1% at $99.81 a
share.
Yahoo Inc. (YHOO) fell 3% to close at $38.38 despite getting
upgraded by BCG Capital analyst Colin Gillis to buy from hold.
Gillis also raised his price target on Yahoo's stock to $50 a share
from $37, and said he based his upgrade on a "sum-of-the-parts"
value for Yahoo now that there is a public valuation for Alibaba
Group (BABA), which was off by 18 cents a share at $85.70
Monday.
GoPro Inc. (GPRO) was one of the day's biggest decliners, as the
wearable-camera maker's shares fell almost 10% to end the day at
$76.67. A report from France said Formula One racing star Michael
Schumacher's brain injury from a skiing accident in 2013 was caused
by a GoPro camera that had been mounted on Schumacher's head.
Losses also came from Microsoft Corp. (MSFT), Pandora Media Inc.
(P), Oracle Corp. (ORCL) and LinkedIn Corp. (LNKD).
Outerwall Inc. (OUTR) proved to be one of the few notable
gainers on the day, as its shares rose 3.7% to close at $53.28.
Before the market opened, analyst Eric Wold, of B. Riley, raised
his rating on the operator of Redbox DVD-rental kiosks to neutral
from sell. Wold said that many of the risks to the stock expected
over the next year are already forecast into Outerwall's share
price.
The tech-heavy Nasdaq Composite Index (RIXF) ended up falling 62
points to close at 4,213 and the Philadelphia Semiconductor Index
(SOX) fell more than 2%.
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