Today: A record-breaking week on Wall Street wraps up for Tesla, eBay, Netflix, Facebook, Google and more.
The Lead: Silicon Valley tech companies shatter records on Wall Street
Wall Street's bullish February came to a close with widespread declines Friday, wrapping up a week when the Standard & Poor's 500 established record highs. In Silicon Valley, several high-profile technology companies reached all-time highs this week, as big growth in 2013 showed staying power in the first quarter of the new year.
Tesla and SolarCity: Elon Musk had an excellent week, as Tesla Motors (which he founded and leads as CEO) and SolarCity (for which he serves as chairman and principal investor) roared to record highs more than 1,000 percent higher than the prices commanded in the Silicon Valley companies' initial public offering. Excitement stemmed mostly from Tesla's plans to build a "Gigafactory" that will eventually produce more lithium-ion batteries than the entire world manufactured in 2013, with the biggest boost coming ahead of details on the plan, after Morgan Stanley analyst Adam Jonas praised Tesla's ambition for battery manufacturing and autonomous driving.
Tesla established an intraday high of $265 and closing high of $253 Wednesday, and closed Friday at $244.81 after a daily decline of 3.1 percent. SolarCity hit an intraday record of $88.35 Wednesday and a closing record of $86.14 Thursday before falling 1.4 percent to $84.96 Friday.
eBay: The San Jose e-commerce giant hit split-adjusted highs amid a contentious fight with activist investor Carl Icahn, who is seeking a spinoff of payments company PayPal. Icahn released a series of open letters to eBay shareholders this week accusing company board members of poor corporate governance and CEO John Donahoe of being "asleep at the wheel." eBay has fought back with blog post rejoinders to Icahn's letters, including one from founder and chairman Pierre Omidyar, and venture capitalist Marc Andreessen stuck up for himself in an interview with The Wall Street Journal. Throughout the hubbub, eBay's stock price has steadily risen, reaching an intraday record of $59.70 Friday and gaining 0.7 percent to a closing record price of $58.77.
Netflix: The Los Gatos video-on-demand company started off the week with a jolt, shooting to all-time highs after reaching a deal with Comcast that will ensure customers of the cable giant's Internet service will receive steady streams of Netflix content. Netflix reached its peak Tuesday, hitting an intraday high of $457.79 and closing record of $453.03, while finishing off an exclusive deal for Pokemon content. Netflix dropped 1.5 percent to $445.63 Friday.
Facebook: The social network had a quiet week after announcing its massive investment in the acquisition of WhatsApp last week, but shares hit a new intraday high of $71.44 and closing record of $70.78 Monday after founder and CEO Mark Zuckerberg and WhatsApp cofounder and CEO Jan Koum made their firs thigh-profile public appearances since the deal, at the Mobile World Congress in Spain. Facebook has been joined by San Francisco's Yelp, which came as close as possible to cracking $100 for the first time Friday, moving as high as $99.99 before falling back to end with a 3.1 percent decline from Thursday's record closing price of $97.39.
Google: The Mountain View Internet giant's stock didn't have any big moves this week, but still reached a new intraday high of $1,228.88 Wednesday and closing record of $1,220.17 the same day. Google is fighting a big court loss from this week, with a judge declaring that it must take down an anti-Muslim video after an actress complained about her unwitting inclusion in the film, a decision Google is fighting on appeal.
Software companies: Several Silicon Valley software companies reached record highs as cloud adoption continues to find support on Wall Street. Cloud pioneer Salesforce reached intraday and closing records Thursday ahead of its earnings report, but continuing losses and the announcement of its chief financial officer leaving led to a 5.8 percent decline to $62.37 Friday. Workday shares cracked triple digits for the first time this week, then shot up more than 15 percent Thursday after the company's earnings report showed big revenue growth continuing; the Pleasanton cloud-software company fell back to earth slightly Friday, losing 4.8 percent to $109.92. San Francisco big-data software company Splunk established a new intraday record for a seventh consecutive session Friday and topped $100 for the first time as well, but ended with a 2.9 percent decline at $92.75. Traditional software giant Adobe, which has been transitioning successfully to a cloud-only offering, joined in the broken records by topping $70 a share for the first time, but notched 1.8 percent decline at $68.63 while committing $300 million in software to schools.
SV150 market report
Up: eBay, Yahoo, Hewlett-Packard, Oracle, Electronic Arts, Intuit
Down: Salesforce, Workday, LinkedIn, SunPower, Tesla, Yelp, Splunk, Zynga, Pandora, SanDisk, Adobe, VMware, Twitter, Netflix, SolarCity, Gilead, Juniper
The SV150 index of Silicon Valley's largest tech companies: Down 8.76, or 0.56 percent, to 1,568.01
The tech-heavy Nasdaq composite index: Down 10.81, or 0.25 percent, to 4,308.12
The blue chip Dow Jones industrial average: Up 49.06, or 0.3 percent, to 16,321.71
And the widely watched Standard & Poor's 500 index: Up 5.16, or 0.28 percent, to 1,859.45
Check in weekday afternoons for the 60-Second Business Break, a summary of news from Mercury News staff writers, The Associated Press, Bloomberg News and other wire services. Contact Jeremy C. Owens at 408-920-5876; follow him at Twitter.com/jowens510.