The Dow Jones Industrial Average (DJINDICES: ^DJI ) had risen more than 104 points as of 11:30 a.m. EDT. Cisco (NASDAQ: CSCO ) was one of the top-performing tech stocks in the Dow Jones, while fellow tech stocks Facebook (NASDAQ: FB ) and Twitter (NYSE: TWTR ) also posted noted rallies.
Markets up ahead of Fed speech
There were few major economic releases early on Monday, none of which was significant enough to move the Dow Jones to a great degree. However, Federal Reserve Bank of Philadelphia Charles Plosser is set to speak at noon EDT.
Plosser is a member of the Federal Open Market Committee, giving him a say in monetary policy. Any comments he makes regarding the Fed's future plans could affect the market in the afternoon session.
Cisco up despite reiteration
Cisco shares rose more than 1% on Monday, despite a negative report from analysts at Credit Suisse.
Credit Suisse reiterated its underperform rating and $20 price target, urging caution for Cisco investors. Compared to other tech stocks, Cisco is not particularly volatile. But this week could be an exception, as the networking specialist will report quarterly earnings on Wednesday after the closing bell.
Facebook kills Camera and Poke
Facebook shares rose more than 3.5% early on Monday after the social network shut down Camera and Poke, two apps designed to compete with Instagram and Snapchat, respectively.
Competing with Instagram no longer makes sense for Facebook, as it now owns the rival network. Facebook hasn't mounted a credible defense against Snapchat, but with the acquisition of WhatsApp, and a renewed focus on messaging, Facebook could eventually break into Snapchat's market. Investors may have liked the moves, as it could signal a more focused effort from the company.
Twitter bounces back
Twitter shares rose more than 4.5% on Monday, making it one of the best-performing tech stocks during the session, seemingly on the back of a positive note from SunTrust.
SunTrust upgraded Twitter shares from neutral to buy with a $45 price target. SunTrust wrote that it believed Twitter was one of the few Web properties that had shown the enduring nature of its business model, and that after the recent sell-off (Twitter shares had been down nearly 50% from their December high) investors should consider taking a position
Twitter has been a particularly volatile stock, surging shortly after its IPO only to crater on slowing growth concerns and employee lockup expirations. At current levels, there may be some value, though Twitter still lacks a price-to-earnings ratio, as it has no earnings -- it remains unprofitable.
R.I.P. Internet -- 1969-2014
At only 45 years old... the Internet will be laid to rest in 2014. And Silicon Valley is thrilled. Because they know... The Economist believes the death of the Internet "will be transformative." In fact, the CEO of Cisco Systems -- one of the largest tech companies on the planet -- says somebody's going to bank "14.4 trillion in profit from one concept alone."