Updated from 11:50 AM EDT to provide closing prices and information on Micron's rivals, SanDisk and LSI Corporation.
NEW YORK ( TheStreet) -- Shares of Facebook (FB) climbed a modest 0.76% to $31.84 on Thursday after Argus initiated coverage of the social-network operator, rating shares "hold." Argus remains uncertain how Facebook will monetize growth in mobile access.
"Management has begun to address questions regarding the efficacy of advertising on Facebook, though it is still unclear how it will monetize the fast growth in mobile access. In addition, although Facebook touts its 901 million members, we are reminded of past internet booms in which eyeballs did not translate into earnings," wrote analyst Joseph Bonner, in a note.
Facebook has rallied 17.49% in the past ten days.Zynga (ZNGA) fell on Wednesday to $5.72, losing 2.89%. Earlier this week, Zynga announced that its newly acquired mobile game, Draw Something, will be turned into a television show. On Wednesday, Amazon (AMZN) called on developers to start submitting apps for distribution in the UK, Germany, France, Italy and Spain "later this year." Shares of the online-retailer dropped 1.1%, reaching $220.57 on Thursday. Analysts at Sterne Agee cut their price target of Micron Technology (MU) to $10 in light of weak pricing for memory chips and dampened retail demand, as noted in the company's third-quarter earnings report. Though the analysts' maintained their buy rating, shares of the semiconductor manufacturer sank 7.76% on Thursday to $5.64. Micron's rivals suffered as well. SanDisk (SNDK) is down 3.92% to $36, and LSI Corporation (LSI) is down 6.49% to $6.20. --Written by Nathalie Pierrepont in New York. >To submit a news tip, send an email to: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. >Contact by Email. Follow @nrpierrepont
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV