By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Social media stocks, led by Facebook Inc. and LinkedIn, rallied Wednesday, giving the tech sector a lift after a wobbly start.
Facebook (FB) was up nearly 2%, while LinkedIn (LNKD) gained 4% and Zynga Inc. (ZNGA) jumped 6%. Twitter's (TWTR) stock also recovered from early losses, gaining 0.5%, as the microblogging site's post-IPO rally has prompted more cautious reviews from analysts. Late Tuesday, Baird Equity analyst Colin Sebastian initiated coverage of the stock with a neutral rating and $48 price target.
"We believe Twitter should be counted among a select group of online leaders that forms the core-consumer-web mosaic, and is fundamentally transforming the broader media landscape," Sebastian told clients in a note. But "despite our positive bias, we look for more attractive entry points as investor expectations are already trending well ahead of published estimates."
On the downside, Juniper (JNPR) fell 1.6% as the networking company announced that Barclays PLC (BCS) executive Shaygan Kheradpir will be its new chief executive starting Jan. 1.
Shares of Cisco Systems (CSCO) edged down by 0.3% ahead of the San Jose, Calif.-based tech giant's fiscal first-quarter report due after the closing bell.
However, shares of NetApp (NTAP) were up 1.2%. The data-storage-systems company is scheduled to post fiscal-second-quarter results after the market closes on Wednesday.
The Nasdaq Composite Index (RIXF) was mostly flat, last trading up a fraction to 3,921. The Morgan Stanley High Tech 35 Index (MSH) was up 0.4%, while the Philadelphia Semiconductor Index (SOX) was down 0.1%.
Also in the green were shares of Hewlett-Packard (HPQ), up 1%, LinkedIn (LNKD), up 3%, and Facebook Inc.(FB), up 0.5%.
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(END) Dow Jones Newswires
November 13, 2013 11:51 ET (16:51 GMT)Copyright (c) 2013 Dow Jones & Company, Inc.
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