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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NetApp Inc | NASDAQ:NTAP | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
3.33 | 3.26% | 105.45 | 100.00 | 145.00 | 104.73 | 103.0423 | 103.25 | 2,463,599 | 05:00:07 |
By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Most tech stocks followed the broader market south as sellers ruled the day Thursday, with Amazon.com Inc. managing to be one of the few sector leaders to hold on to a small gain, suggesting investors approve of the online retailer's plan to raise the price of its popular Prime subscription by $20 a year.
Amazon ended the day with a gain of 87 cents a share to close at $371.51 after Amazon sent a letter to its Prime subscribers, the move to the new price of $99 a year will take effect on the anniversary of a member's subscription. Amazon (AMZN) is offering a promotion for new members to lock in their Prime subscriptions at the $79 rate for the first year if they sign up within the next seven days.
Read: Amazon gains show market likes new Prime price
For their annual fee, Prime subscribers get free, two-day shipping on almost anything sold via Amazon and have access to more than 150,000 movies and TV show episodes available on the company's Prime Instant video service.
Amazon had said on its fourth-quarter earnings call in January that it was likely to raise the price on Prime subscriptions because of increased shipping costs.
"People think churn [subscriber turnover] will be low," said Mark Mahaney, of RBC Capital Markets. "The $99 isn't scary, so it's accretive."
Also read: Prime price hike could bring in $374 million a year
Despite Amazon's gains, which were even higher earlier in the day, nearly all of the rest of the tech sector was in the red. Losses came from sector leaders like Apple Inc. (AAPL), Yahoo Inc. (YHOO), Intel Corp. (INTC) and Netflix Inc. (NFLX).
Decliners included NetApp Inc. (NTAP), which gave up 3% to fall to $36.69. Late Wednesday, the storage-technology company said it would trim about 600 jobs, or around 5% of its workforce, and take a charge of between $35 million and $45 million in its fiscal fourth quarter, which ends in April.
Much of the blame for the day's losses was based upon fears about China's economic data and the ongoing political crisis in Ukraine.
The Nasdaq Composite Index (RIXF), which had been up early, let the brakes go and was down closed with a loss of almost 63 points, or 1.5%, at 4,260. The Philadelphia Semiconductor Index (SOX) also ended the day down by 1.7%.
More must-read news from MarketWatch:
Poll: Will you still use a more expensive Amazon Prime?
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Retail sales rise for the first time in three months
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