Sector Update: Technology Shares Lower Pre-Market; Apple To Buy Beats Music Service for $3.2 Bln


Top Technology Stocks:

MSFT: -0.33%

AAPL: -0.52%

IBM: -0.15%

CSCO: flat

GOOG: -0.10%

Technology shares were generally lower in pre-market trade Friday.

In technology stocks news, Stratasys ( SSYS ) Friday reported it swung to a GAAP income of $4.1 million, or $0.08 per share, in Q1 2014 from a GAAP loss of $15.5 million, or $0.40 per share, a year earlier. On a non-GAAP basis, earnings were $20.6 million, or $0.40 per diluted share, in line with Street view.

The manufacturer of 3D printers generated revenues of $150.9 million. The average analyst forecast was for revenues of $143 million, according to Capital IQ.

And, Apple ( AAPL ) is reportedly buying Beats streaming music service for $3.2 billion, according to the Financial Times.

Apple stock was downgraded by analysts at ISI Group to a buy rating from a strong buy. The firm raised its price target on the stock to $675 from $600 a share.

In the pre-market session, shares of AAPL were down 0.47% to $585.25, within a 52-week range of $388.87 to $604.41.

Finally, EchoStar Corporation ( SATS ) has reported net income of $12.7 million, or $0.14 per share, up from $3.5 million or $0.04 per share in Q1 2013 and beating analyst estimates of $0.05 per share. Total revenue of $826 million was up from $795 million in Q1 2013 but missed analyst projections of $842 million.

Shares of SATS are at $46.18 with a 52-week range of $37.22 - $51.90.

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 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: SSYS , AAPL , SATS

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