By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Shares of Juniper Networks rallied Monday morning after shareholder Elliott Management unveiled what it called "value plan" for the networking gear company, as the tech sector also got a lift from gains in shares of Twitter Inc. and Apple Inc.
Juniper (JNPR) was up nearly 8% to $25.40 after shareholder Elliott Management, which owns 6.2% of Juniper's shares, presented a plan that it said would lift the stock to $35 to $40 a share through share buybacks, reducing expenses and streamlining its business operations.
The tech sector also got a boost from shares of Twitter (TWTR) , which were up 3% to $58.63 and Apple Inc.(AAPL) , which was up more than 1% to $539.15.
Hewlwett-Packard (HPQ) also saw its stock gain 3.4%, while Intel (INTC) and Google (GOOG) gained more than 1%.
On the downside, shares of Groupon Inc. (GRPN) were off more than 2% after the online daily deals site announced that it has acquired ideeli, an online flash-sale fashion retailer, for $43 million in cash. Also in the red were shares of Facebook Inc. (FB) and Microsoft Corp., (MSFT) each down 1%.
The Nasdaq Composite Index (RIXF) was ahead by 0.1% at 4,177. The Morgan Stanley High Tech 35 Index (MSH) and the Philadelphia Semiconductor Index (SOX) were each up a fraction.
-Benjamin Pimentel; 415-439-6400; AskNewswires@dowjones.com
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(END) Dow Jones Newswires
01-13-14 1034ETCopyright (c) 2014 Dow Jones & Company, Inc.
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