Facebook Leads Tech Stocks Higher: Winners & Losers

NEW YORK ( TheStreet) -- The technology sector was leading the S&P 500 to record intraday highs Wednesday.

The top performers in midday trading were JDS Uniphase ( JDSU), Micron Technology ( MU) as well as Juniper Networks ( JNPR), whose shares crossed Wednesday above their 200-day moving average of $18.53.

Intel ( INTC) and Cisco ( CSCO) were the top two performers in the Dow Jones Industrial Average.

Adtran ( ADTN), who competes with the likes of Cisco, was another top tech gainer. Shares were surging 13.65% to $22.40 after the networking and communications equipment company forecast Tuesday that second-quarter revenue will grow in a mid to high single digit range from its first-quarter. The company also booked better-than-expected first quarter earnings and revenue as its biggest customers, telecom service providers, increased spending.

Facebook ( FB), the world's biggest social media platform, was popping 4.1% to $27.68 after The Wall Street Journal reported General Motors ( GM) is returning to advertise on Facebook following a high-profile departure from the social media giant around the time of its IPO last year.

Microsoft ( MSFT) was tacking on 1.93% to $30.19 after a bullish note from Citigroup analyst Walter Pritchard. Although Pritchard wrote that he's cutting his March quarter revenue outlook on the software giant by $300 million to reflect the soft PC market, he expects the company's enterprise tools unit to continue to perform well thanks to its product refresh and "premium SKUs." Pritchard reiterated his "buy" rating and $35 price target on the stock.

Yahoo! ( YHOO) was advancing 1.83% to $24.26 and Apple ( AAPL) was gaining 1.74% to $434.41 as the companies discuss how more of Yahoo!'s services can play a prominent role on Apple's iPhone and iPad devices, people briefed on the matter told The Wall Street Journal.

Wells Fargo analyst Maynard Um reiterated his "outperform" view on Apple saying March and June quarter results could miss his forecasts as iPhone sales disappoint. The earnings misses have likely already been discounted in the share price and "sentiment should improve post-earnings into a new iPhone launch, improving gross margins particularly with easing year-on-year compares in the back half and, with any luck, reset Street estimates."

IBM ( IBM) was rising 1.3% to $211.95 after the computer services giant was upgraded to "buy" from "neutral" by UBS analyst Steven Milunovich, who said the company is well positioned to be a winner in "IT-as-a-service" given its strength in private cloud services. Milunovich raised his price target to $235 from $210.

First Solar ( FSLR) was diving 4.24% to $37.68 after the solar panel maker surged Tuesday on better-than-expected 2013 earnings and revenue guidance.

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