TECH STOCKS: Netflix, Microsoft Rare Gainers In Weak Tech Action

By Rex Crum, MarketWatch

Tech stocks showed signs of weakness in afternoon trading Monday, with Microsoft Corp., IBM Corp. and Netflix Inc. among the few sector leaders that managed to eke out some gains on another broadly negative day for the tech sector.

Microsoft (MSFT) shares added 9 cents to reach $39.96, IBM (IBM) was up by $2.22 at $193.89 a share, and Netflix (NFLX) edged up by 74 cents to $338.05.

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 53 cents to $66.29.

Intel Corp. (INTC) got a lift and rose 1.7% to $26.62 after Pacific Crest Securities analyst Michael McConnell raised his rating on the chip maker to outperform.

Declines came from Pandora Media Inc. (P), which slipped by $1.21 a share to $27.17 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 $1 a share at $33.26. 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 almost 50 points to fall to 4,079, while the Philadelphia Semiconductor Index was also in negative territory.

More news from MarketWatch:

Why 'fair fees' are a raw deal for investors

Templeton's Mobius says he's buying tech stocks; others not so keen

Subscribe to WSJ: http://online.wsj.com?mod=djnwires