This story has been updated with closing prices and information on LinkedIn and Rackspace.
NEW YORK (TheStreet) --LinkedIn (LNKD) shares tumbled on Wednesday after media reports that some users' passwords had been compromised. Shares stabilized, however, when the professional networking company confirmed the rumor and assured members that they would benefit from enhanced security. By Wednesday's close, LinkedIn's shares climbed a modest .09% to $93.08.
Hewlett-Packard (HPQ) shares climbed over 3% to $22.35 on Wednesday following comments from CEO Meg Whitman on her plan to revive the 73 year-old computer maker, which is down more than 13% from the beginning of the year.
Whitman managed expectations by mentioning a long time-horizon. "Usually these kinds of turnarounds take anywhere between four or five years," she said at HP's Discover conference in Las Vegas on Monday, according to Bloomberg. "To have HP humming exactly the way I envision it - this is a big undertaking."The HP chief also said that the company is working to differentiate itself with partnerships, a broad product base and an emphasis on engineering. Shares of Google (GOOG) edged up by 1.78% to $580.57, despite JP Morgan (JPM) cutting its target and estimates for the Internet giant, citing foreign exchange and Macro headwinds. Google's gains mirrored the broader uptick in tech stocks that saw the Nasdaq rise 2.4%. Brocade Communications Systems (BRCD) rallied after Tuesday's tumble, gaining 8.05% to reach $4.76 on Wednesday. Shares closed at $4.41 on Tuesday as investors digested the latest downgrade of the network equipment maker. Shares of Advanced Micro Devices (AMD) jumped 3.35% to $6.02 on Wednesday, making it another tech winner. The California-based semiconductor company announced the launch of its latest AMD E-Series Accelerated Processing Unit (APU) platform on Tuesday. The APU enables extended battery life and "a best-in-class entertainment and media experience" for personal computers, according to the chip giant. Facebook (FB) rose 3.64%% to close at $26.81 after hitting a new low of $25.52 during Wednesday trading. Early on Wednesday JMP Securities rated the social network "Market Outperform" saying that the social networker has only scratched the surface in terms of monetizing its user base. Rackspace Hosting (RAX) was a tech loser, falling 4.51% to $44.9, after Jefferies analysts downgraded the cloud space provider from "Buy" to "Hold." The company posted one of the largest share price declines on the NYSE on Wednesday. --Written by Nathalie Pierrepont in New York. >To submit a news tip, send an email to: email@example.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. >Contact by Email. Follow @nrpierrepont
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