By Benjamin Pimentel
The tech sector rose Wednesday, powered by gains from eBay Inc.,
SanDisk Corp. and Juniper Networks.
EBay (EBAY) gained nearly 4% after the Internet giant was
upgraded to outperform by Bernstein Research.
"We think the downturn has delayed the improvement trajectory in
many of eBay's core business metrics but do not agree that the
business is fundamentally impaired or is in structural decline as
some have suggested," analyst Jeffrey Lindsay said in a note.
SanDisk (SNDK) jumped 6.1% after the chip maker scored an
upgrade from Deutsche Bank. Analyst Bob Gujavarty raised the
company's rating to buy from hold "based on industry wide supply
cuts and improving demand environment for 2010."
Juniper Networks (JNPR) also gained 7.6%, helping boost the
Nasdaq Composite Index (RIXF) by 1.1% to 2,060.
The Morgan Stanley High Tech 35 Index (MSH) and the Philadelphia
Semiconductor Index (SOX) each gained 1.1%.
The sector was weighed down by declines from Dell Inc. (DELL),
Palm Inc. (PALM) and Research In Motion (RIMM)
Apple Inc. (AAPL) fell 1% as the computing giant kicked off its
company event in San Francisco. Chief Executive Steve Jobs made his
first public appearance since returning to the company from a
medical leave earlier this year.