SAN FRANCISCO (MarketWatch) -- Shares of LinkedIn Inc. gained more than 17% on Friday, propelled by upbeat results, but more worries about the European financial crisis weighed on the tech sector.
The Nasdaq Composite Index COMP �paced the Dow Jones Industrial Average DJIA , falling 0.8% to close at 2,904. The benchmark ended the week down 0.1%. The Dow was down 89 points on Friday.
Click to Play LinkedIn shines after earningsShares of LinkedIn rise sharply on upbeat results, but the tech sector joins a broad market decline, Benjamin Pimentel reports on digits. Photo: AP.
But LinkedIn LNKD �was in the spotlight as the professional networking site�s shares jumped 17.8% to close at $89.96.
Late Thursday, the company posted better-than-expected results.
�Most key metrics continued to shine, with strength in all three segments, hiring solutions, marketing solutions, and premium subscriptions,� Canaccord Genuity analyst Michael Graham said in a note.
LinkedIn shares have traded up by more than 40% so far this year, highlighting its strong position in the professional social networking market.
But the company�s gains were outshone by declines throughout the sector. Major tech shares were in the red, including Cisco Systems CSCO , Hewlett-Packard HPQ �and Intel Corp.INTC �
Shares of Activision Blizzard ATVI �slumped 2.7% to close at $12.32 after Macquarie downgraded the video game publisher�s stock to a neutral rating from buy citing a number of factors, including declining revenue from �World of Warcraft,� increased spending and �continued reliance� on the company�s blockbuster �Call of Duty� franchise.
On the upside, shares of Apple Inc.AAPL , Yahoo Inc YHOO �and Amazon.com AMZN �were up slightly.
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