Sector Update: Technology Shares Lower Pre-Market; IBM Plunges on Neutral Rating at UBS

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Top Technology Stocks:

MSFT: -0.26%

AAPL: -0.35%

IBM: -7.47%

CSCO: -0.50%

GOOG: -0.56%

Technology shares are lower in pre-bell trading, as International Business Machines Corp. ( IBM ) was cut to Neutral from Buy at UBS. The price target was lowered to $186 from $235 per share. BNN TV says UBS downgraded it on its Q3 miss, citing concerns over future earnings power. The stock is down more than 7% in pre-market trade.

And, Travelzoo Inc. ( TZOO ) is down 7.01% at $24 in the pre-market session after the travel, entertainment and local deals company reported mixed Q3 results.

TZOO posted Q3 EPS of $0.19, beating the Capital IQ consensus estimate of $0.17. Revenues were $37.3 million, which missed the consensus of $38.23 million.

The company said its 16% growth in its combined Travel business was offset by the disappointing results in its Search and Local businesses. TZOO also reported a total unduplicated number of subscribers in North America and Europe of 23.2 million as of September 30, 2013, up 4% from September 30, 2012.

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) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
Referenced Symbols: IBM , TZOO

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