Sector Update: Tech

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Technology shares were mixed in pre-market trade Wednesday.

In technology stocks news, software company Microsoft ( MSFT ) has been upgraded by analysts at Pacific Crest to an outperform rating from sector perform in the wake of its Q2 earnings.

The price target on the stock has been set at $54 a share, which represents a potential upside of 20% from its Tuesday closing price.


Shares of MSFT are up 1.61% to $45.55 in Wednesday's pre-market session, and trade within a 52-week range of $30.84 - $45.71.

And, Check Point Software Technologies ( CHKP ), a software developer for information-technology security, reported Q2 results above analysts' expectations.

Net income rose to $159.7 million, or $0.83 per share, from $151 million, or $0.76 per share. The per-share comparison was skewed by a 3.3% reduction in the number of diluted shares outstanding.

Finally, STMicroelectronics N.V ( STM ) is lower in pre-market trading after the company reported mixed financial results for Q2 ended June 30, 2014, and provided guidance for Q3.

Shares are down 3.96% at $8.98 with a 52-week range of $7.20 - $10.00.

The semiconductor company posted Q2 net income of $38 million or $0.04 per share, compared with a net loss of $152 million or $0.17 loss per share in the prior-year period.



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: MSFT , CHKP , STM

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