By Benjamin Pimentel
The technology sector traded higher Thursday, powered by gains
in shares of Internet giants Yahoo Inc. and eBay Inc.
Yahoo (YHOO) moved up 4.5%. On Wednesday, the company scored an
upgrade to buy from Bank of America/Merrill Lynch, which told
clients: "We believe that Yahoo is still a growth company which is
now trading like a long-term secular decliner."
Shares of eBay (EBAY) also gained, up more than 3%.
Those gains allowed the Nasdaq Composite Index (RIXF) to stand
more solidly on positive territory by early afternoon. The
tech-heavy benchmark was up about 1% at 2,080 at last check.
Also higher, the Morgan Stanley High Tech 35 Index (MSH) was
ahead 1.5%, while the Philadelphia Semiconductor Index (SOX) was up
1.7%.
Shares of Texas Instruments (TXN) were up slightly. On
Wednesday, the chip giant raised its revenue and earnings outlook
for the third quarter.
Intel Corp. (INTC) also traded down 0.7%, while Advanced Micro
Devices (AMD) was ahead more than 4%.
Other major tech players posted gains, including Amazon.com
(AMZN), Oracle Corp. (ORCL) and Apple Inc. (AAPL).