Sector Update: Technology Shares Higher; Apples Readies for Product Launch Event

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Top Technology Stocks:

MSFT: +0.68%

AAPL: +0.44%

IBM: +0.71%

CSCO: +0.63%

GOOG: +0.11%

Technology shares are higher in pre-bell trading. Apple ( AAPL ) is preparing to hold a press event today in which many expect the technology giant to unveil its next iPhone model as well as a lower-cost version of the phone. AAPL is up 0.4% at $508.39 in pre-market trade.

And Palo Alto Networks ( PANW ) reports Q4 revs of $112.4 million, versus the analyst consensus of $108.9 million on Capital IQ. EPS was $0.06, in line with expectations. PANW is up 4% at $48.75 in pre-market trade.

Finally, shares in Model N ( MODN ), which provides revenue management solutions, are down about 35% pre-market after cutting its outlook.

Among the firms reducing their ratings, JPMorgan Chase & Co. cut the stock from an Overweight rating to a Neutral rating, Raymond James downgraded to a Market Perform rating from Outperform and Stifel Nicolaus cut from Buy to Hold. JP Morgan slashed its price target by more than half from $25.00 to $11.00.

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

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This article appears in: Investing , Commodities
More Headlines for: AAPL , MODN , PANW


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