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Tech stocks: Twitter shares sink 13%

4:54 PM, Dec 28, 2013   |    comments
TheTwitter logo is displayed at the entrance of Twitter headquarters in San Francisco. (Photo: KIMIHIRO HOSHINO AFP/Getty Images)
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USA TODAY -Twitter's streak of stock gains ended Friday.

Shares of the microblogging service fell $9.56, or 13%, to close at $63.75 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 before Friday had 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 USA TODAY)

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