By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Shares of JDS Uniphase fell
sharply on Thursday after the networking company reported a
disappointing outlook, but the tech sector got a boost from
rallying shares of Yelp Inc.
JDS Uniphase (JDSUD) was down more than 10%, triggering the
Nasdaq's short-sale circuit breaker, after the company posted a
downbeat report, highlighted by a weaker-than-expected guide.
On the other hand, Yelp (YELP) shares jumped more than 13% after
the company posted better-than-expected financials.
RBC Capital's Mark Mahaney upgraded the stock to outperform from
sector perform, citing "fundamental trends remaining very robust, a
series of identifiable growth gap-up opportunities and clear
strategic value."
The Nasdaq Composite Index (RIXF) gained 0.4% to 4,131. The
Morgan Stanley High Tech 35 Index (MSH) and the Philadelphia
Semiconductor Index (SOX) were each up slightly.
Gains also came from Facebook Inc.(FB), which was up more than
3%, and LinkedIn(LNKD), which gained more than 6%.
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