Updated from 1:46 p.m. EST with new stock prices
Tech stocks failed to move higher Monday as credit market woes overshadowed strong initial holiday sales for some consumer electronics companies.
jumped 5.3% on analysts' reports that the company's personal navigation devices were a hit in early holiday shopping. Big retailers including
offered Garmin's products, with significant discounts as part of their early promotional items on Black Friday. The strong demand for navigation devices and Garmin's position as a market leader could help the company beat estimates for the fourth quarter, said analysts. Garmin was up $4.85 to $96.71.
also gained $1.00, or 0.6%, to $172.54 on reports of strong consumer spending, while video-games retailer
was up $1.33, or 2.7%, to $51.48.
rose 5.6% as investors saw a buying opportunity in a stock that has pulled back about 12% in the last month. Interest in Baidu, regarded as the
of China, comes after
, the U.S. Internet conglomerate, said Friday that it will invest $100 million to
expand its presence in the Chinese market. Baidu was up $17.28 to $326.14, while Google was down $10.70, or 1.6%, to $666.00.
Chinese gaming company
( SNDA) jumped $2.16, or 6.9%, to $33.66 as Chinese stocks mostly traded higher.
rose 98 cents, or 2.7%, to $37.73, topping its 52-week high of $37.37. At its annual analyst day on Nov. 14, the company said it will sell off what it sees as its non-core businesses and will focus on areas such as Web certificates, Internet registry and identity protection services, leading to a turnaround in investor sentiment on the stock.
fell $7.59, or 9.6%, to $71.25 after a report Friday by Cowen & Co. suggesting that the stock was overvalued. The report noted VMware could see upside potential in the fourth quarter but the underlying trend in numbers shows that growth is likely to decelerate by mid-2008.
, which holds an 86% stake in VMware, was down 5.8% to $17.38. Cowen kicked off its coverage of EMC with a neutral rating.
was down 4.2% after a Morgan Stanley analyst report said investors are overlooking the underperformance of the company's emerging market business. Morgan Stanley has a $38 price target on the stock. Cisco's shares have been under pressure in the last few weeks over investor concerns that its U.S. enterprise business may be facing a slowdown. The latest research note sent the stock down $1.19 to $27.50.