(Updates from 2 p.m. ET with closing information in the last paragraph.)
NEW YORK (TheStreet) -- Technology shares sank with the broader market Friday, but there were a number standout performers during the day.
Rally Software Development (RALY) was jumping 28.79% to $18.03 on its debut on the New York Stock Exchange Friday after the maker of cloud-based software applications priced its initial public offering of 6 million shares at $14 a share, exceeding its expected range of $11 to $13 for 5.75 million shares.
Yahoo! (YHOO) was rising 0.74% to $24.67 after J.P. Morgan analyst Doug Anmuth raised his price target on the Internet giant to $26 from $22 and maintained a "neutral" view on the company ahead of its first quarter earnings announcement on April. 16. The analyst said he is "incrementally positive on Yahoo! based on improving engagement trends, potential Search upside, and higher implied valuation for Alibaba Group ... but we continue to look for greater improvement in the core business and better execution to become more constructive on the shares from current levels."Apple ( AAPL ) was extending Thursday's losses, off 1.01% to $429.95 after RBC Capital analyst Amit Daryanani cut his price target on the stock to $550 from $600 and reiterated his "outperform" view on the iPhone maker. Daryanani explained the company might have faced weaker demand for its products in March. However, that could pick up in the second half of the year on expectations that it will launch a low-cost iPhone and the iPhone 5S in July, and anticipation of September upgrades of the iPad and iPad mini and the unveiling of the iOS 7 at the Worldwide Developers Conference in June. The tech giant fell the previous session after market intelligence company IDC said that Apple was among the companies who were tallied into its report showing a 13.9% drop in global PC shipments in the first quarter. Though the company fared better than the overall U.S. market, it still saw shipments decline as its own PCs also faced competition from iPads. Microsoft ( MSFT ) was off 0.43% to $28.81 contributing to the prior session's plunge after IDC in part blamed Windows 8 for a deep contraction in global PC shipments. Chipmaker Intel ( INTC ), who is affected by how PC sales are faring, was slipping 1.03% to $21.59 and also adding to the prior session's sell-off. Internet-radio company Pandora Media (P) was sliding 2.31% to $13.55 after AllThingsD reported Twitter is launching its new music app that suggests artists and tracks to users based on data gleaned from their Twitter accounts, potentially presenting Pandora with an online competitor. Users will be able to listen to clips of music from inside the app, using third-party services like iTunes and SoundCloud, according to AllThingsD. Payments technology super-powers Visa (V) and MasterCard (MA) were lower in Friday trading as Sterne Agee analyst Greg Smith downgraded both companies, citing full valuations. MasterCard was falling 1.75% to $531.59 and Visa was off 1% to $165.95. Cisco (CSCO) was falling 1.18% to 21.43% after the world's largest maker of networking equipment climbed near its 52-week high Thursday.
Closing prices: RALY was unchanged at $14, YHOO rose 1% to $24.69 and AAPL fell 1% to $429.80. MSFT fell 1% to $28.79, INTC was off 1% to $21.67 but P fell 2.8% to $13.48. V fell 1.1% to $165.75, MA fell 1.5% to $532.99 and CSCO closed down 1% at $21.54. >To contact the writer of this article, click here: Andrea Tse.
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