By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Sony Corp. rose Monday on an
otherwise mixed trading day for tech stocks after the consumer
electronics company reported upbeat initial sales for its new
PlayStation 4 gaming console in the U.S. and Canada.
Sony (SNE) rose as much as 4% to $7.96 a share in the wake of
last Friday's launch of the PlayStation 4 in most of North America.
Sony said it sold more than 1 million of the gaming consoles in the
first 24 hours after going on sale.
Amazon.com Inc. (AMZN) shares rose 64 cents to $369.99. Evercore
Partners analyst Ken Sena raised his price target on Amazon's stock
to $450 a share from $400 due to what he sees as higher value
coming from the company's Amazon Web Services business.
Other gains came from Yahoo Inc. (YHOO), Google Inc. (GOOG) and
Intel Corp. (INTC). The tech-heavy Nasdaq Composite Index (RIXF)
was off by 8 points at 3,977 after nearly hitting the 4,000-point
mark shortly after the market opened.
Microsoft Corp. (MSFT), which holds its annual shareholders
meeting on Tuesday, was off by 1.5% at $37.26 a share. Analysts at
Bank of America/Merrill Lynch cut their rating on Microsoft's stock
to underperform, or the equivalent of sell, from neutral due to
concerns about who may replace Chief Executive Steve Ballmer at the
software giant.
Twitter Inc. (TWTR) shed 2% to trade at $43.10. Wunderlich
Securities analyst Blake Harper started coverage of the
microblogging company with a sell rating and $34-a-share price
target. Harper called Twitter "a great company," but with an
"overvalued stock."
Nvidia Corp. (NVDA) gave up 2% to trade at $15.85 a share after
Morgan Stanley analyst Joseph Moore cut his rating on the graphics
chipmaker to underweight.
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