By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks began the week with a
strong performance Monday, as Apple Inc. helped push the tech
sector north after the company confirmed that Chinese mobile-phone
network operator China Mobile Ltd. will begin carrying the iPhone
in January.
Apple (AAPL) climbed by almost 4%, to $570.23 after the company
said China Mobile (CHL) would get the iPhone 5s and 5c on Jan. 14,
and the carrier's customers can pre-register for the smartphone
starting on Dec. 25.
Speculation that Apple would reach a deal with China Mobile had
been growing in recent weeks, and a tie-up between the two
companies was seen as one of the main tech topics to look for in
2014. China Mobile is the world's largest mobile-phone carrier in
terms of customers, with an estimated 700 million subscribers to
its network.
Apple also attention after Chief Executive Tim Cook said in an
email to company employees that highlighted the company's work this
year and hinted at what Apple has in store for 2014.
Among other leading tech stocks, Facebook Inc. (FB) shares rose
almost 5%, to $57.78 as the social-networking company made its
debut Monday on the S&P 500 Index.
Twitter Inc. (TWTR) shares climbed 7.6% to close at $64.54. The
Walt Disney Co. (DIS) named Twitter co-founder and chairman Jack
Dorsey to its board of directors.
Pandora Media Inc. (P) rose 5.6%, to close at $29.58 a share.
Needham & Co. analyst Laura Martin named Pandora her top stock
pick for 2014 among online companies. In a research note, Martin
said she picked Pandora because of factors such as 50%
year-over-year revenue growth for each of the past eight
quarters.
Gains also came from Netflix Inc. (NFLX), up 1.3% to close at
$380.58; EMC Corp. (EMC), which rose 2.2% to $25.07, and Yahoo Inc.
(YHOO), which rose 1.6% to close at $40.77 a share.
The Nasdaq Composite Index (RIXF) flexed its muscles and rose 44
point, or 1%, to close at 4,148, while the Philadelphia
Semiconductor Index (SOX) and the Morgan Stanley High Tech 35 Index
(MSH) also ended the day in positive territory.
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