ARM Holdings: Tech Winners & Losers

NEW YORK ( TheStreet) -- The Nasdaq Composite dipped 4 points in late Thursday trading, as tech stocks were largely mixed.

ARM Holdings ( ARMH) jumped 12.4% to $27 after hitting a 52-week high of $27.95 earlier in the session, after RBC Capital Markets raised its price target on the stock.

Microsoft ( MSFT) said last week it would build the latest version of Windows on chips designed using ARM's technology, in addition to those made by Intel ( INTC) and Advanced Micro Devices ( AMD).

Cypress Semiconductor ( CY) rose 3.8% to $21.13 as Barclays Capital raised its price target on the shares to $23 from $20. Cypress, which is up more than 75% in the past 52 weeks, also reached a new peak of $21.70 during Thursday's session.

News Corp ( NWSA) fell 1.7% to $14.11, as the company said it was exploring strategic alternatives for ailing social network Myspace.

Almost 500 MySpace employees are expected to close their jobs this month, the company said Tuesday.

Shares of Advanced Micro Devices continued to fall after its CEO resigned earlier this week. The chipmaker's stock was down 1.2% to $8.29 on Thursday afternoon.

Indian IT Services firm Infosys ( INFY) was down 7.2% to $71.17 as third quarter earnings rose but still came in lower than expected because of a strong rupee.

--Written by Olivia Oran in New York.

>To follow the writer on Twitter, go to http://twitter.com/Ozoran.

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