Losses For Tech Stocks Deepen; Blackberry Sinks Following Bernstein Downgrade


Top Tech Stocks

MSFT -0.59%

AAPL -1.42%

IBM -1.18%

CSCO -0.16%

GOOG +0.26%

Technology stocks are lower in late trade with shares of technology companies in the S&P 500 slipping about 0.8%.

In company news, Blackberry ( BBRY ) is down nearly 5% to $14.15 a share, sliding as low as $13.95 after Bernstein Research cut its rating for the stock to Underperform from Market Perform. The research shop also reduced its price target by $5 to $10 a share.

In a new research note, Bernstein analyst Pierre Ferragu said consumer interest in BBRY's new Q10 and Z10 smartphones is "weak," citing data such as Google searches on the devices. He also believe corporate interest is slack, with BBRY shipping a total of 3 mln units during the fiscal Q1 ended last month and 4 mln of the new devices during the current quarter while reducing his prediction for the second half of the year by 1 mln to 10 mln units.

Pacific Crest Securities today also reiterated its Underperform rating for BBRY.

In other sector news,

(+) ASYS, Receives order estimated to total between $13 mln to $15 mln for its advanced diffusion and plasma-enhanced chemical vapor deposition equipment to be used at a large solar-panel manufacturing plant and generating station now under construction in San Antonio, Texas.

(-) TTEK, Revises Q3 outlook to reflect rising restructuring costs, now projecting a net loss of $0.30 to $0.50 per share compared with the $0.38 per share profit analysts are expecting. Also cuts revenue forecast by about 15% to $440 mln to $490 mln. The Street is at $551 mln. It also authorizes a $100-mln stock buyback program.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: BBRY

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