Risk on: Tech momentum stocks rebound

|By:, SA News Editor

Smart bargain hunting or catching a falling knife? After being bludgeoned almost ceaselessly over the last couple of weeks, many high-beta tech stocks are closing the day with sizable gains.

The rebound comes on a day when hedge fund Coatue Management announced plans to return over $2B to investors following a 9% March decline caused by tech stock losses.  It also comes as several tech giants, including Apple, Microsoft, H-P, and IBM, finish the day near breakeven, or with modest losses.

Leading U.S. Internet gainers: LNKD +6.2%. P +6%. ZU +5%. SALE +7.2%. SSTK +6%. AOL +4.6%.

Chinese Internet gainers: EJ +9.1%. WBAI +8.9%. QIHU +7.9%. ATHM +8.1%. YY +6.8%. SFUN +8.7%. GOMO +9.8%. Ctrip and Qunar were among the sector's biggest gainers following M&A rumors.

Others: FSLR +7%. NMBL +6.2%. NPTN +5.9%. PANW +5.5%. EGHT +5.4%. RFMD +4.9%. QIWI +4.9%. CRUS +4.3%. RALY +5.5%.