By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Technology stocks were modestly higher Wednesday, propelled by gains in shares of Adobe Systems Inc. and Apple Inc.
Adobe (ADBE) was up more than 6% 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) was up more than 2%. The Cupertino, Calif.-based company will begin selling its new iPhone in retail stores on Friday.
Shares of Facebook Inc. (FB) were trading up 0.6% in early trades. 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."
The Nasdaq Composite Index (RIXF) was up 0.1% at 3,749. The Morgan Stanley High Tech 35 Index(MSH) was up 0.4%, while the Philadelphia Semiconductor Index (SOX) was down 0.3%, as shares of Intel Corp. (INTC) and Texas Instruments (TXN) slipped fractionally.
-Benjamin Pimentel; 415-439-6400; AskNewswires@dowjones.com
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(END) Dow Jones Newswires
09-18-13 1038ETCopyright (c) 2013 Dow Jones & Company, Inc.
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