Shutterfly trades higher after earlier report it is seeking a buyer The stock gapped up at the open and traded to a high of $50.46 before moving lower. That session high remains resistance. At the current price of $49.40 next support is at $48.10, the low of the day. Bloomberg reported that the company has engaged Qatalyst Partners to find a buyer.
Internet sector upgraded to Attractive from Neutral at Goldman Goldman upgraded the Americas Internet sector to Attractive to Neutral based on more reasonable valuations, reduced expectations, and strong sector growth. As part of the sector change, the firm upgraded GrubHub (GRUB) to Buy from Neutral, downgraded Shutterfly (SFLY) to Neutral from Buy, and lowered Priceline (PCLN) to Buy from Conviction Buy.