Fitbit, Pandora lead strong day for area stocks
Bay Area stocks flexed their muscles Tuesday, with the likes of Fitbit, Pandora Media and Twitter all finishing the day with solid gains.
Fitbit climbed more than 5 percent, to $5.32 a share, as the fitness band maker became the subject of some takeover speculation. Still, some analysts who follow Fitbit said the possibility that the company could be a buyout target remains a long way off.
Twitter had a good day, too, with its shares rising 3.2 percent to close at $16.63. Before the stock market opened, reports surfaced saying the government of Iran was ready to considered unblocking access to Twitter in the country.Alphabet shares rose 2 percent to $940.40, Square climbed 3.6 percent to $25.34, and Apple rose 1.6 percent to reach $159.78.
Pandora Media shares surged by 6 percent, to end the day at $8.59. Morgan Stanley analyst Benjamin Swinburne said in a research note that new Pandora Chief Executive Roger Lynch is a good match for the company, and he expects it to focus more on its ad-supported music-streaming service.
The tech-focused Nasdaq Composite Index climbed 1.4 percent, to end the day at 6,297.48, while the blue chip Dow Jones Industrial Average rose nearly 1 percent, to 21,899.89, and the broad-based Standard & Poor’s 500 Index tacked on 1 percent to finish at 2,452.51.
Published at Tue, 22 Aug 2017 22:14:22 +0000
