Tech stocks: Twitter shares sinking

10:42 AM, Dec 27, 2013   |    comments
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USA TODAY - It seems Twitter's streak of gains might end Friday.

Shares of the microblogging service are down 7.5% in midday trading after financial services firm Macquarie downgraded Twitter's stock from neutral to underperform. CNBC reports Macquarie cites the unexplained surge in Twitter's stock since December 11, when it closed at $52.34. It closed Thursday trading at $73.31.

The downgrade follows a strong holiday week for Twitter, which has surged 14% since Monday.

Recent advertising moves, such as the "tailored audiences" program focused on targeted ads, have helped fuel the stock's climb, says Wedbush Securities' Shyam Patil.

(Copyright 2013 by The Associated Press. All Rights Reserved.)

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