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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Paymentus Holdings Inc | NYSE:PAY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-3.37 | -15.16% | 18.835 | 21.22 | 17.93 | 20.90 | 1,154,284 | 19:49:11 |
By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Technology stocks dropped Thursday, adding to the previous day's losses, as large-cap players such as Facebook Inc., Oracle Corp. and Intel Corp. came under pressure.
Apple Inc. (AAPL) shares dropped $2.79 to close at $446.06 as hedge-fund giant David Einhorn held a conference call to discuss the company. Einhorn is waging a campaign to press the company to consider issuing special preferred stock.
In an interview with AllThingsD, Einhorn said his proposal offers a "win-win" for both Apple and its shareholders. "We have a solution that allows shareholders to see that value and Apple to keep that cash," he added.
Apple's retreat set the tone for a downbeat trading session, which saw the Nasdaq Composite Index (RIXF) drop almost 33 points, or 1%, to close at 3,131.49.
The Morgan Stanley High-Tech Index (MSH) gave up 1.2%, while the Philadelphia Semiconductor Index (SOX) fell 1.8%.
The tech sector retreat followed Wednesday's broader market selloff sparked by investor concern over the Federal Open Market Committee's January meeting minutes that revealed differences over monetary policy.
Among large-cap tech names, Oracle (ORCL), SAP AG (SAP), Intel (INTC), Cisco Systems Inc. (CSCO) and Microsoft Corp. (MSFT) all closed in the red.
Facebook (FB) fell more than 4% to end the day at $27.28.
However, Hewlett-Packard (HPQ) shares rose 2.4% to close at $17.10 ahead of the Palo Alto, Calif.-based company's fiscal first-quarter report.
But shares of VeriFone Systems Inc. (PAY) were slammed, plummeting almost 43% to close at $18.24 after the company drastically cut its estimates for its fiscal first quarter.
On the upside, Google Inc. (GOOG) shares rose $3.07 to close at $795.53 The Internet powerhouse's stock hit an all-time high recently, rising above $800 for the first time in its history.
And the stock will probably go higher, Bernstein Research analyst Carlos Kirjner argued in a note, raising the price target to $1,000. "We believe mass adoption of smartphones, tablets and the mobile Web is a large value-creation opportunity for Google," Kirjner wrote.
Groupon Inc. (GRPN) rose almost 4% on a Piper Jaffray upgrade.
Shares of Home Away Inc. (AWAY) rallied more than 13% after the company posted upbeat results.
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