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Big gains from Yelp lead broad tech rise

By Rex Crum, MarketWatch

SAN FRANCISCO (MarketWatch) — Big gains from Yelp Inc. highlighted a tech-stock advance Thursday and helped the sector start August off on the right foot.


/quotes/zigman/9021597/quotes/nls/yelp YELP

 ended the day with a gain of more than 23%, closing at $51.50 after three Wall Street analysts raised their ratings on the company following its second-quarter report late Wednesday. Yelp said it lost $878,000, or a penny a share, on revenue of $55 million for the quarter ended June 30. During the same period a year ago, Yelp lost $2 million, or 3 cents a share, on $32.7 million in sales.


Yelp shares surge as analysts raise outlooks.

The company’s results topped the estimates of analysts surveyed by FactSet, who had forecast Yelp would lose 4 cents a share on sales of $53.3 million. Yelp attributed its performance to gains in usage and advertising in mobile devices.

J.P. Morgan analyst Kaizad Gotla said Yelp’s results showed “there’s still significant room for strong revenue growth and margin expansion. We think the pace of innovation in new advertising products is accelerating.”

Gotla raised his rating on Yelp to overweight from neutral. Additionally, Wunderlich Securities analyst Blake Harper lifted his rating to buy from hold, and Darren Afthai, of Northland Capital Markets, raised his take on Yelp to outperform from market perform.

The Nasdaq Composite Index

/quotes/zigman/12633936 COMP

 climbed 49 points to close at 3,675. The Philadelphia Semiconductor Index

/quotes/zigman/1468249 SOX

 rose almost 2%, and the Morgan Stanley High Tech 35 Index

/quotes/zigman/6015481 MSH

 ended the day up by 1.4%.

Other notable gainers included Trulia Inc.

/quotes/zigman/11860413/quotes/nls/trla TRLA

, which rose 19.5%, to $44.53 a share after the real-estate information site posted upbeat quarterly results late Wednesday.

Shares of Teradyne Corp.

/quotes/zigman/480716/quotes/nls/tdc TDC

 gained almost 7%, to close at $63.17, after the chip-equipment company reported better-than-expected quarterly results following Wednesday’s market close.

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Apple Inc. shares

/quotes/zigman/68270/quotes/nls/aapl AAPL

 rose $4.15 to $456.68. Jefferies Co. analyst Peter Misek raised his price target on Apple’s stock to $450 a share from $405, saying he sees a “floor” in place in iPhone shipments.

Apple also reclaimed the title of the world’s most valuable company by stock-market value.

Dell Inc.

/quotes/zigman/27952/quotes/nls/dell DELL

 rose 2.3%, to $12.96 a share, a day ahead of a special stockholder meeting on Chief Executive Michael Dell’s proposal to take the PC company private in a deal valued at more than $24 billion.

Netflix Inc.

/quotes/zigman/87598/quotes/nls/nflx NFLX

 ended the day up by almost 2% at $249.12. On Thursday, the company began rolling out a new feature that lets its subscribers create separate viewing profiles for different household members.

LinkedIn Corp. shares

/quotes/zigman/5131883/quotes/nls/lnkd LNKD

 rose 4.5% to $213 ahead of the online professional-networking company’s quarterly results. The report showed the company posting a profit of $3.7 million on revenue of $363.7 million. Shares took an immediate hit on the news, falling 7% before reversing that decline and moving above its daytime closing level by the same percentage.

Pandora Media Inc. shares

/quotes/zigman/5419837/quotes/nls/p P

 climbed more than 2% to $18.76. Earlier Thursday, the holding company that runs Pandora rival Spotify said its revenue had more than doubled in 2012, but its loss expanded to the equivalent of $77.7 million, from a loss of $60 million in 2011. Inc.

/quotes/zigman/63011/quotes/nls/amzn AMZN

 rose $4.35 a share to close at $305.57. Bernstein Research analyst Carlos Kirjner raised his price target on Amazon’s stock to $375 a share from $350, after estimating the company has 25 million Amazon Prime members. Amazon has never disclosed the number of its Prime membership customers.

Other gains came from Hewlett-Packard Co.

/quotes/zigman/229301/quotes/nls/hpq HPQ

, IBM Corp.

/quotes/zigman/230066/quotes/nls/ibm IBM

 and Google Inc.

/quotes/zigman/93888/quotes/nls/goog GOOG


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Mystic Maggie

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