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.

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


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