TECH STOCKS: Facebook Hits New High; LinkedIn Rallies

By Benjamin Pimentel, MarketWatch

Shares of Facebook Inc. rallied Wednesday as the social networking giant's stock hit a new high, while LinkedIn shares also jumped on a broker's note that said the company was on track to record better-than-expected revenue.

Facebook (FB) was up 1.1% to close at $68.06 after hitting an intraday high of $69.08. The stock has risen about 25% year-to-date, and has gained 47% in the last three months.

LinkedIn (LNKD) was up 2.3% to close at $196.32 after ITG Investment Research said that, based on January data, LinkedIn was on track to post revenue of $464 million to $474 million for the first quarter.

That's higher than the professional social network's revenue outlook of $455 million to $460 million. LinkedIn spooked investors two weeks ago with a weaker-than-expected guidance, although some analysts had speculated that the forecast was conservative. LinkedIn shares have fallen nearly 9% year-to-date.

Despite the gains, the tech sector was trading mostly flat as shares of Apple Inc. (AAPL) shed 1.6% to close at $537.37, while Twitter Inc. (TWTR) fell 4.6% to close at $55.50 and Intel Corp.(INTC) gave up 1% to close at $24.50.

The Nasdaq Composite Index (RIXF) was last down 35 points, or 0.8%, to close at 4,238. The Morgan Stanley High Tech 35 Index (MSH) and the Philadelphia Semiconductor Index(SOX) were each down a fraction.

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