Baidu, Brocade: Tech Winners & Losers (Update)
This story has been updated with closing prices and information on AMD and Nvidia.
NEW YORK (TheStreet) -- Like most Chinese stocks, Baidu(BIDU) jumped on Thursday after China's Central Bank cut interest rates . Shares of the Chinese search engine closed at $122.46 on Thursday - a 2.8% increase from the opening bell.
Apple and Baidu have not yet responded to TheStreet's request for comment on this story.
SanDisk Corporation(SNDK) announced that it's upgrading its semiconductor manufacturing process to produce higher-performing embedded memory products, edging shares up 0.11% to $35.13 on Thursday.
The flash memory storage provider will hold its annual stockholders' meeting on June 12.
Shares of Research in Motion(RIMM) rose 3.68% to close at $10.72 on Thursday, as investors shrugged off UBS analysts' decision to cut the handset maker's price target to $11.50.
Citrix Systems'(CTXS) shares slipped 1.35% to end the day's trading at $75.91 after it announced plans to acquire Bytemobile, a privately-held provider of data and video optimization solutions for mobile network operators.
Shares of Advanced Micro Devices(AMD) fell by 4.32% to $5.76.
Nvidia(NVDA) saw its shares drop by 4.04% to $11.89 on Thursday after FBR Capital Markets adjusted its price target for the graphics chip maker from $20 to $18.
--Written by Nathalie Pierrepont in New York.
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