NEW YORK ( TheStreet) -- Intel (INTC) - Get Report edged lower despite kicking off its annual Intel Developer Forum on Tuesday with a plethra of announcements. Facebook (FB) - Get Report jumped following a price target hike. Google (GOOG) - Get Report (GOOGL) - Get Report fell even though it announced a potentially new revenue stream with a new Wi-Fi router.
Intel fell 0.6% to close at $28.91.
The semiconductor giant kicked off its three-day Intel Developer Forum in San Francisco on Tuesday, with such announcements as a partnership with Google to create a Project Tango developer kit for smartphones, according to an Engadgetreport. Project Tango is Google's 3D-mapping technology and the developer kit will also include tie-ins to Intel's RealSense 3D Camera, according to Engadget, which characterized a mock up of the device as basically a "fairly standard smartphone with a 6-inch screen, except it has a slew of cameras on the rear."
Microchip Technology (MCHP) - Get Report leveraged Intel's developer conference to announce a partnership with the chip giant, in which Intel's Enhanced Privacy ID (EPID) technology would be folded into some of Microchip's products, which include microcontrollers, and mixed-signal, analog and Flash-IP products. Intel's EPID technology aims to provide identification authentication for security and privacy.
Facebook jumped 1.3% to wrap up the day at $95.17.
The social media behemoth got a lift after MKM Partners raised Facebook's price target to $120 a share from $105 per share.
"We expect a measured ramp where demand outstrips supply for the foreseeable future," MKM Partners analysts said, noting they maintain their buy rating on the stock.
MKM was impressed with Facebook's 968 million users who are on the social media site daily, as well as the increase in the number of daily active users in proportion to monthly active users rising 65% year over year, according to a report in Benzinga.
Google fell 0.7% to finish the session at $656.13.
The Internet titan slipped despite announcing partnership with TP-Link to launch a new Wi-Fi router called OnHub. The router aims to reduce "spotty connections" and provide a fast, secure and simple to use device.
Google edged lower despite the potential additional revenue stream the router may bring to its business. OnHub is now available for pre-order and costs $199.99 from such U.S. online retailers as Google Store, Amazon (AMZN) - Get Report, and Wall-Mart Stores' (WMT) - Get Report online site Walmart.com.
In the coming weeks, OnHub routers will be available in in brick-and-mortar stores in the U.S. and Canada.
OnHub is designed to search for airwaves during its setup and selects the best channel for the fastest connection. The device also has an antenna and software that are designed to automatically adjust OnHub to avoid interference and keep the network at its peak performance. OnHub also allows users to prioritize the device to activities that require a faster speed will have that channeled through.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.