By Rex Crum, MarketWatch Software giant gets lift as Nomura
analyst raises price target
SAN FRANCISCO (MarketWatch) -- Tech bellwethers Microsoft Corp.
and Apple Inc. advanced Thursday in what was turning into a mixed
trading session for the tech sector.
Microsoft stock (MSFT) rose 1.3%, to $48.70, after Nomura Equity
Research analyst Rick Sherlund raised his price target on the
company's stock to $56 from $50. In a research note, Sherlund cited
Microsoft's gains in cloud-based services, which have aided in the
growth of its Office software suite, among the reasons for raising
his view on the company's share price.
Sherlund also said Microsoft's board of directors may take up
the matter of returning more of its cash to shareholders. Microsoft
held its annual shareholders meeting on Wednesday, the first with
Satya Nadella as Chief Executive.
Separately, book retailer Barnes & Noble Inc. (BKS) said it
has terminated a commercial agreement it had with Microsoft
regarding B&N's Nook e-reader. Microsoft originally invested in
the Nook in 2012.
Apple (AAPL) shares rose 54 cents, to $116.48, and other gains
came from Groupon Inc. (GRPN), Twitter Inc. (TWTR) and
Priceline.com Inc.(PCLN).
Google Inc. shares (GOOGL) slipped by $1.50 to $535.48. The
company said it will launch kid friendly versions of its Chrome
browser and YouTube music streaming service next year.
IBM Corp. stock (IBM) gave up $1.16 to trade at $163.28. Cantor
Fitzgerald analyst Brian White said in a research note that while
2014 "has been another disappointing one for IBM investors", he
believes the tech-services giant will show signs of improvement
next year.
Amazon.com Inc. (AMZN) was off by $1.42 to $315.03 following
reports that the company has launched a new takeout food delivery
service in Seattle that is similar to that offered by Grub Hub Inc.
(GRUB)
The tech-heavy Nasdaq Composite Index (RIXF) shed 8.5 points to
4,766.
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