By Benjamin Pimentel, MarketWatch
Shares of Facebook Inc. rallied Wednesday as the social
networking giant's stock hit a new high, while LinkedIn shares also
jumped on a broker's note that said the company was on track to
record better-than-expected revenue.
Facebook (FB) was up 1.1% to close at $68.06 after hitting an
intraday high of $69.08. The stock has risen about 25%
year-to-date, and has gained 47% in the last three months.
LinkedIn (LNKD) was up 2.3% to close at $196.32 after ITG
Investment Research said that, based on January data, LinkedIn was
on track to post revenue of $464 million to $474 million for the
first quarter.
That's higher than the professional social network's revenue
outlook of $455 million to $460 million. LinkedIn spooked investors
two weeks ago with a weaker-than-expected guidance, although some
analysts had speculated that the forecast was conservative.
LinkedIn shares have fallen nearly 9% year-to-date.
Despite the gains, the tech sector was trading mostly flat as
shares of Apple Inc. (AAPL) shed 1.6% to close at $537.37, while
Twitter Inc. (TWTR) fell 4.6% to close at $55.50 and Intel
Corp.(INTC) gave up 1% to close at $24.50.
The Nasdaq Composite Index (RIXF) was last down 35 points, or
0.8%, to close at 4,238. The Morgan Stanley High Tech 35 Index
(MSH) and the Philadelphia Semiconductor Index(SOX) were each down
a fraction.
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