By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Gains from Groupon Inc.,
Amazon.com Inc. and Netflix Inc. highlighted what was shaping up to
be a mildly upbeat session for tech stocks Wednesday.
Groupon (GRPN) shares rose more than 6%, to $5.69, after Sterne
Agee analyst Arvind Bhatia raised his rating on the online daily
deals and e-commerce company to buy from neutral and set a
$9-a-share price target on the stock.
In a research note, Bhatia said his upgrade wasn't based on
expectations for Groupon's upcoming fourth-quarter results, but on
a "greater conviction in the company's ability to evolve beyond its
current business, its ability to execute internationally and its
positioning within mobile commerce."
Amazon (AMZN) was up by more than 3%, to trade at $266.89. The
company announced an expanded content-licensing agreement with CBS
Corp. (CBS). The deal adds CBS and Showtime shows such as
"Everybody Loves Raymond" and "United States of Tara" to the Amazon
Prime Instant Video lineup.
Netflix (NFLX) also rose more than 3% to reach $183.60. J.P.
Morgan analyst Doug Anmuth raised his price target on Netflix's
stock to $205 a share from $180, saying that recent meetings with
company management suggest that Netflix's original series "House of
Cards" is off to a strong start just 12 days after release.
Anmuth also said that Netflix is likely to push further into
original programming "as it looks to differentiate itself from
other streaming services such as Amazon Prime and Hulu, along with
cable networks like HBO (TWX) and Showtime."
Dell Inc. (DELL) shares tacked on 2 cents to trade at $13.81.
Bernstein Research analyst Toni Sacconaghi cut his rating on the PC
maker to market perform, or neutral, from outperform, and said in a
research note that he believes the company's plan to go private
will succeed.
Cisco Systems Inc. (CSCO) was off by 2 cents a share in advance
of its quarterly results, due after the close of trading.
Among tech companies slated to report quarterly results after
the market close NetApp Inc. (NTAP) and online professional review
company Angie's List Inc. (ANGI) were in the red, while Nvidia
Corp. (NVDA) shares rose 1.6% to $12.63 and Applied Materials Inc.
(AMAT) also edged into positive territory.
The Nasdaq Composite Index (RIXF) rose by almost 7 points to
3,193, and the Philadelphia Semiconductor Index (SOX) and the
Morgan Stanley High Tech 35 Index (MSH) were also in positive
territory.
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