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.

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

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

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