TECH STOCKS: Apple Gains Lead Rise In Tech Stocks

By Rex Crum, MarketWatch

SAN FRANCISCO (MarketWatch) -- Tech stocks began a shortened trading week with broad gains Tuesday, with Apple Inc. among the advancers as the consumer-electronics giant's shares climbed to their highest level in almost two years.

U.S. stock markets were closed Monday for the Memorial Day holiday.

Apple (AAPL) rose more than 1% to $621.46, as the iPhone and iPad maker's stock reached a point not seen since July 2012. Apple has a busy two weeks ahead, as the company will kick off its annual developers conference on June 2. That same day, shareholders of record will be in line for a 7-for-1 split of Apple's stock, which will take effect on June 9.

Among other leading tech stocks, gains came from Facebook Inc. (FB), Adobe Systems Inc. (ADBE), Cisco Systems Inc. (CSCO) and Pandora Media Inc. (P).

Network security technology company Palo Alto Networks Inc. (PANW) shares rose almost 3%, to $68.92 a share as Nomura analyst Frederick Grieb raised his rating on the stock to buy from neutral, and lifted his price target to $80 a share from $68.

In a research note, Grieb said Palo Alto's business fundamentals remain strong and that Juniper Networks Inc. (JNPR) will soon settle an outstanding lawsuit against Palo Alto.

Tibco Software Inc. (TIBX) rose more than 6% to $21.34 a share, following reports out of Germany that SAP AG (SAP) may be looking at acquiring the business-intelligence software company.

The Nasdaq Composite Index (RIXF) rose 39 points, or almost 1%, to 4,225. The Philadelphia Semiconductor Index (SOX) also rose by 1%.

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