Facebook, Cisco shares jump; AMD falls -- FEC

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Date Posted: 08:46:25 11/14/12 Wed
Author: Wednesday==Nov. 14, 2012, 11:20 a.m. EST
Subject:

Facebook, Cisco shares jump; AMD falls

Nov. 14, 2012, 11:20 a.m. EST

Facebook, Cisco shares jump; AMD falls
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By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) — Shares of Cisco Systems and Facebook Inc. posted sharp gains early Wednesday, but the tech sector was weighed down by sliding shares of Advanced Micro Devices.

Facebook /quotes/zigman/9962609/quotes/nls/fb FB +8.72% was up more than 9% at $21.72, bucking expectations of a sell-off as more than 800 million shares held by insiders become eligible for sale.

The lockup period for those shares is set to expire Wednesday, prompting worries that it could potentially double the size of the company’s share float and cause the stock to drop.

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But in a note, Cantor Fitzgerald analyst Youssef Squali argued that “patient investors” should “investors take advantage of the market dislocation that’s likely to ensue between now and year-end to accumulate the stock.”

“Facebook is a long-term winner,” Squali argued. “As was apparent in the third-quarter results and with over 1 billion users, Facebook is showing accelerating revenue growth and early traction in mobile.”

Facebook posted upbeat results last month, highlighted by signs of a growing mobile advertising business.

The tech sector also got a lift from shares of Cisco Systems /quotes/zigman/20039/quotes/nls/csco CSCO +6.50% which were ahead 6%, a day after the company reported results that exceeded increasingly downbeat expectations.

Analysts had been cautioning about a weakening corporate technology market due to a wobbly global economy and the crisis in Europe.

These fears were widely expected to be confirmed by Cisco’s report. Cisco’s stock had shed about 15% since early September.

The sentiment has turned positive after Cisco reported a modest sales growth and an outlook that was in line with expectations.

Pacific Crest Securities analyst Brent Bracelin upgraded the stock to outperform, saying, “Despite several meaningful challenges Cisco faces in the coming year, some of which are secular headwinds that may be difficult to overcome, October-quarter results confirm relative stability in demand in comparison to technology mega-cap peers.”

On the downside, shares of Advanced Micro Devices /quotes/zigman/216580/quotes/nls/amd AMD -4.79% traded down 5% to $1.99, a day after the chipmaker denied reports that it was planning to sell the company or its assets.

The stock was the worst performer on the S&P 500 /quotes/zigman/3870025 SPX -0.32% which was down a fraction. Other chip stocks also retreated, including Intel Corp. /quotes/zigman/20392/quotes/nls/intc INTC -0.05% and Texas Instruments /quotes/zigman/7971332/quotes/nls/txn TXN -0.03% .

The Nasdaq Composite Index /quotes/zigman/123127 COMP -0.12% slipped a fraction to stand at 2,879. The Morgan Stanley High Tech 35 Index /quotes/zigman/6015481 MSH +0.28% was up a fraction, but the Philadelphia Semiconductor Index /quotes/zigman/1468249 SOX -0.10% gave up 0.3%.
/quotes/zigman/9962609/quotes/nls/fb Add to portfolio FB Facebook Inc. Cl A US : U.S.: Nasdaq $ 21.59 +1.73 +8.72% Volume: 123.00mNov. 14, 2012 11:44aP/E Ratio152.66Dividend YieldN/AMarket Cap$50.99 billionRev. per Employee$1.45M
/quotes/zigman/20039/quotes/nls/csco Add to portfolio CSCO Cisco Systems Inc. US : U.S.: Nasdaq $ 17.95 +1.10 +6.50% Volume: 56.08mNov. 14, 2012 11:44aP/E Ratio11.67Dividend Yield3.12%Market Cap$89.35 billionRev. per Employee$700,506
/quotes/zigman/216580/quotes/nls/amd Add to portfolio AMD Advanced Micro Devices Inc. US : U.S.: NYSE $ 1.99 -0.10 -4.79% Volume: 18.79mNov. 14, 2012 11:44aP/E RatioN/ADividend YieldN/AMarket Cap$1.49 billionRev. per Employee$536,757
/quotes/zigman/3870025 Add to portfolio SPX S&P 500 Index US : S&P Base CME 1,370.13 -4.40 -0.32% Volume: 192.22mNov. 14, 2012 11:44a
/quotes/zigman/20392/quotes/nls/intc Add to portfolio INTC Intel Corp. US : U.S.: Nasdaq $ 20.27 -0.01 -0.05% Volume: 20.38mNov. 14, 2012 11:44aP/E Ratio8.90Dividend Yield4.46%Market Cap$100.91 billionRev. per Employee$536,144
/quotes/zigman/7971332/quotes/nls/txn Add to portfolio TXN Texas Instruments Inc. US : U.S.: Nasdaq $ 29.37 -0.01 -0.03% Volume: 2.96mNov. 14, 2012 11:44aP/E Ratio19.65Dividend Yield2.87%Market Cap$32.93 billionRev. per Employee$381,657
/quotes/zigman/123127 Add to portfolio COMP NASDAQ Composite Index US : U.S.: Nasdaq 2,880.49 -3.40 -0.12% Volume: 0.00Nov. 14, 2012 11:44a
/quotes/zigman/6015481 Add to portfolio MSH Morgan Stanley High-Technology 35 Index US : NYSE Glb Ind 638.35 +1.80 +0.28% Volume: 0.00Nov. 14, 2012 11:44a
/quotes/zigman/1468249 Add to portfolio SOX PHLX Semiconductor Index US : PHLX Ind Cur 366.10 -0.35 -0.10% Volume: 0.00Nov. 14, 2012 11:29a
Benjamin Pimentel is a MarketWatch reporter based in San Francisco

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