Monday's Tech Recap: Bullish Run But Bearish Facebook

by: Rupert Nicholson

Technology broke with its bearish trend over the last two weeks and went on a bullish run yesterday. The technology sector was up 2.65% as a whole driven by a bullish Apple (NASDAQ:AAPL) which grew by more than 5%. The technology sector drove the Nasdaq up as it grew by 2.46% itself. Generally it was a bullish market following the worst week of the year for stocks. However, Facebook (NASDAQ:FB) had another underwhelming day. Without the support of Morgan Stanley (NYSE:MS) and Goldman Sachs (NYSE:GS), the stock fell by 10.99%, at one point of the day it was down over 13%. This is unsurprising as the underwriters had to step in on Friday and buy more than $380 million of its stock to support the stock and keep it above its IPO price.

Top Gainers

  • Cooper Industries (CBE) up 25.14%
  • eFuture Information Technology (NASDAQ:EFUT) up 21.09%
  • China Sunenergy Co (NASDAQ:CSUN) up 20.91% and 6.77% after hours
  • Ultra Clean Holdings (NASDAQ:UCTT) up 17.48%
  • Zoom Technologies (NASDAQ:ZOOM) up 17.12%

Top Losers

  • FriendFinders Networks (FFN) down 11.89% and 2.38% after hours
  • Facebook down 10.99%
  • Accelr8 Technology Corporation (AXK) down 9.30%
  • XATA Corporation (XATA) down 8.69%
  • RiT Technologies (NASDAQ:RITT) down 7.06%

Key Events

  • Apple was up 5% after many firms such as Goldman Sachs reaffirmed their guidance on the stock. It also rose due to the start of talks over a patent dispute between Samsung (OTC:SSNLF) and Apple. Apple's rise drove some of its related stocks up. ZAGG (NASDAQ:ZAGG) rose by 6.38% after being on a bearish run recently.
  • Eaton Corporation (NYSE:ETN) announced yesterday it was going to buyout Cooper Industries. Cooper Industries was up 25.14% on the news. Over the past year, Eaton has bought up several different corporations including IE Power and ACTOM Low Voltage. The future seems bright for this corporation.
  • Google (NASDAQ:GOOG) has denied the European Commission's claim that it is abusing its position in the market. It has said it will appear before them to try to resolve the issue. Also, Chinese regulators have approved Google's $12.5 billion acquisition of Motorola Mobility (NYSE:MMI), the last barrier to the deal.
  • Yahoo (NASDAQ:YHOO) has agreed to half of its Alibaba (OTC:ALBCF) stake back to the company for $7.1 billion. Alibaba will pay $6.3 billion in cash and $800 million in its preferred stock.

Disclosure: I am long ZAGG.