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

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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.

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This article appears in: Investing , Commodities

Referenced Stocks: SSYS , AAPL , SATS

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