TECH STOCKS: Netflix, Facebook Rise In Erratic Tech Trade

By Rex Crum, MarketWatch

Tech stocks started the week trading erratically Monday, as much of the sector stumbled into the red early, then staged a comeback on mild gains from Microsoft Corp., Facebook Inc. and Netflix Inc.

Microsoft (MSFT) shares added 29 cents to reach $40.14, Facebook (FB) was up by 89 cents at $57.69 and Netflix (NFLX) shares climbed by more than $10, or 3%, to $57.76.

Netflix appeared to benefit from a rating upgrade by Oppenheimer analyst Jason Helfstein, who raised his rating on the company to outperform from perform. Helfstein also raised his rating on Yelp Inc. (YELP), and the Internet-based consumer review and information company's shares rose 3% to $67.90.

Intel Corp. (INTC) got a lift and rose 2% to $26.65 after Pacific Crest Securities analyst Michael McConnell raised his rating on the chipmaker to outperform.

Declines came from Pandora Media Inc. (P), which slipped by 8 cents a share to $28.31 even though Wedbush Equity Research analyst Michael Pachter raised his rating on the Internet radio company to outperform from neutral and maintained his $35-a-share price target.

Yahoo Inc. (YHOO) was off by 27 cents a share at $34.03. A report in the Wall Street Journal said Yahoo is working on plans for more video content, including the acquisition of original programming.

The Nasdaq Composite Index (RIXF) shed 10 points to slip to 4,122, while the Philadelphia Semiconductor Index edged its way into positive territory with a small gain.

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