By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks put in a generally
negative trading session Wednesday, mirroring the performance of
the broader market, with Netflix Inc. among the day's notable
decliners.
Netflix (NFLX) fell by almost 4%, to close at $169.74. Reports
surfaced saying that activist investor Carl Icahn had sold at least
some of his nearly 10% stake in Netflix's stock. CNBC later
reported that Icahn had denied the rumor.
Additionally, Netflix's presence in the online-streaming market
became more crowded as Time Warner Inc. (TWX) launched Warner
Online Instant, its own Internet-based video service, for $9.99 a
month.
Netflix's losses came a day after the Securities and Exchange
Commission cleared the company and Chief Executive Reed Hastings of
any wrongdoing when Hastings used his Facebook page last summer to
report the company's online-streaming viewing hours for the month
of June
The overall market slumped early, and closed in the red, as the
numbers for private-payroll growth disappointed.
The results, from ADP (ADP), showed private-sector jobs growing
by of 158,000 in March, a figure that fell below expectations of
215,000 job gains. In February, ADP reported a revised gain of
237,000 jobs
Driven by negative reaction to the ADP figures, the Nasdaq
Composite Index (RIXF) fell more than 36 points, or 1.1%, to close
at 3,218, while the Philadelphia Semiconductor Index (SOX) ended
the day with a loss of almost 2%.
Zynga Inc. (ZNGA) ended up putting in one of the few standout
gains on the day, as its shares rose almost 15% to close at $3.53.
The online gaming company got a lift as it debuted its first
real-money gambling websites in the United Kingdom, ZyngaPlusPoker
and ZyngaPlusCasino.
Facebook Inc. (FB), which many consumer use to play Zynga's
games, rose more than 3%, to close at $26.25. Facebook is scheduled
to host an event at its headquarters Thursday, which is expected to
revolve around a so-called "Facebook phone".
Gains also came from Apple (AAPL), which rose $2.20 a share, to
close at $431.99 following reports that the company will begin
production on the next version of the iPhone this quarter.
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