9-18-13 4:41 PM EDT | Email Article
 

By Benjamin Pimentel, MarketWatch

 

SAN FRANCISCO (MarketWatch) -- Technology stocks put in strong gains Wednesday, led by advances by bellwethers Adobe Systems Inc. and Apple Inc., and a historic day for Priceline.com Inc.

 

Adobe (ADBE) surged more than 9%, to close at $52.58, a day after the software company reported a steady growth in its subscriber base, a trend that has won upbeat reviews from analysts.

 

Apple (AAPL) shares tacked on 2%, to close at $464.68, as The Cupertino, Calif.-based company released iOS 7, the latest version of its iPhone and iPad operating system. Apple will begin selling its new iPhone in retail stores on Friday.

 

Priceline (PCLN) continued its yearlong hot streak, and made history by becoming the first S&P 500 (SPX) listed company to have its shares top the $1,000 mark. Priceline's stock peaked at $1,001 before falling at $995.09 a share.

 

Facebook Inc. (FB) came back from early losses to rise 16 cents and close at $45.23 a share. Wedbush analyst Michael Pachter, who has an outperform rating on the social network's stock, raised his price target to $49 from $39.

 

"Strong mobile growth should continue for the foreseeable future, supplemented by monetization of Instagram," he said in a note. "Facebook now has more daily active users on mobile than on desktop and it expects to generate more revenue on mobile than on desktop in the near future."

 

Shares of BlackBerry (RIMM) slipped 1.5%, to close at $10.40, on a report from The Wall Street Journal that it was planning to cut up to 40% of its workforce.

 

The Nasdaq Composite Index (RIXF) ended the day up by almost 38 points, or 1%, at 3,783. The Morgan Stanley High Tech 35 Index(MSH) rose 1.5%, while the Philadelphia Semiconductor Index (SOX) gained almost 1%.

-Benjamin Pimentel; 415-439-6400; AskNewswires@dowjones.com

 

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(END) Dow Jones Newswires

09-18-13 1641ET

Copyright (c) 2013 Dow Jones & Company, Inc.
Copyright 2014 MarketWatch
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