By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Twitter Inc. tumbled Friday, the
stock's biggest one-day drop, after the social network's shares
were downgraded to sell.
Twitter (TWTR) shed 13% to close at $63.75, although the stock
still ended the week with a 6.2% gain. Macquarie analyst Ben
Schachter cut his rating to sell, citing a stock rally that he
argued was unjustified.
"We believe nothing has changed in the fundamentals to justify
the sharp rise in shares over the past few weeks," he told analysts
in a note.
Other social stocks declined. Facebook (FB) gave up 4% to close
at $55.44, while LinkedIn (LNKD) fell 2% to close at $216.35. Yelp
Inc. (YELP) was down 3.3% to close at $65.92, while Groupon Inc.
(GRPN) traded down 2.4% to close at $11.70.
Apple Inc. (AAPL) was another notable decliner, shedding nearly
1% to close at $560.09.
The Nasdaq Composite Index (RIXF) gave up 0.3% to close at
4,157, though the benchmark ended the week up 1.3%.
The Morgan Stanley High Tech 35 Index (MSH) fell 0.3%, while the
Philadelphia Semiconductor Index (SOX) was up a fraction. Gains
also came from Cisco Systems (CSCO) and Oracle Corp. (ORCL)
Other tech stories from MarketWatch:
Twitter cut to sell; analyst sees rally as based on "little new
information"
Top tech trends in 2014 and what they mean to investors
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