TECH STOCKS: Redbox Owner Outerwall Among Tech Gainers

By Rex Crum, MarketWatch DVD rental kiosk operator set to hike prices by 25% on Dec. 2

SAN FRANCISCO (MarketWatch) -- Tech stocks finished higher across the sector Monday, highlighted by a rally in shares of Redbox DVD-rental kiosk operator Outerwall Inc.

Outerwall (OUTR) shares climbed more than 12% to close at $71.39 after Redbox said starting Dec. 2 it would raise the rental price on DVDs to $1.50 a night from $1.20, and Blu-ray discs to $2 a night from $1.50. Redbox will also raise the price of videogame rentals to $3 from $2 beginning Jan. 6.

(Read more about why Redbox shows DVDs aren't dead: http://www.marketwatch.com/story/redbox-price-hike-shows-dvds-arent-dead-2014-11-24.)

Apple Inc. (AAPL) continued its strong run, rising almost 2% to a record high close of $118.63 a share. Susquehanna Financial Group analyst Chris Caso raised his price target on Apple to $135 a share from $120, saying that recent industry checks show iPhone 6 demand still outweighs the supplies of the smartphones.

Security software company Symantec Corp. (SYMC) rose by almost 2% to $25.80. Late Sunday, Symantec disclosed that a sophisticated piece of computer malware, called Regin, has been used in several international networks since 2008. Symantec said the largest percentage of infections have occurred in Russia and Saudi Arabia.

Other gains came from IBM Corp. (IBM), GoPro Inc. (GPRO), Amazon.com Inc. (AMZN) and Yahoo Inc. (YHOO).

The tech-heavy Nasdaq Composite Index (RIXF) rose almost 42 points, or nearly 1%, to close at 4,754 and the Philadelphia Semiconductor Index (SOX) ended the day with a gain of almost 1%.

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