Baidu, Brocade: Tech Winners & Losers (Update)
This story has been updated with closing prices and information on AMD and Nvidia.
NEW YORK (TheStreet) -- Like most Chinese stocks, Baidu (BIDU) jumped on Thursday after China's Central Bank cut interest rates . Shares of the Chinese search engine closed at $122.46 on Thursday - a 2.8% increase from the opening bell.
Bloomberg also reported on Thursday that Apple (AAPL) plans to add Baidu's search engine to iPhones in China.
Apple and Baidu have not yet responded to TheStreet's request for comment on this story.
SanDisk Corporation (SNDK) announced that it's upgrading its semiconductor manufacturing process to produce higher-performing embedded memory products, edging shares up 0.11% to $35.13 on Thursday. The flash memory storage provider will hold its annual stockholders' meeting on June 12. Shares of Research in Motion (RIMM) rose 3.68% to close at $10.72 on Thursday, as investors shrugged off UBS analysts' decision to cut the handset maker's price target to $11.50. Citrix Systems' (CTXS) shares slipped 1.35% to end the day's trading at $75.91 after it announced plans to acquire Bytemobile, a privately-held provider of data and video optimization solutions for mobile network operators. Brocade (BRCD) tumbled by 2.62% to $4.64 on Thursday as investors continued to digest ThinkEquity's downgrade of the network equipment maker earlier this week. Shares of Advanced Micro Devices (AMD) fell by 4.32% to $5.76. Nvidia (NVDA) saw its shares drop by 4.04% to $11.89 on Thursday after FBR Capital Markets adjusted its price target for the graphics chip maker from $20 to $18. --Written by Nathalie Pierrepont in New York. >To submit a news tip, send an email to: tips@thestreet.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.Select the service that is right for you!
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