Sector Update: Technology Shares Lower - Zynga Upgraded to Equal-Weight at Morgan Stanley

By Staff,

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Top Technology Stocks:

MSFT: -0.23%

AAPL: -0.91%

IBM: -0.04%

CSCO: -0.53%

GOOG: -1.42%

Technology shares were lower in late afternoon trade Friday.

In technology stocks news, shares of Travelzoo ( TZOO ) sank about 4% after the company announced executive changes. TZOO was trading in a 52-week range of $19.16 to $33.95.

And, IAC/Interactive ( IACI ) is recording a late day push higher, rising from a low of $66.22 to a recent high at $72.34, in the wake of a Bloomberg report the company bought an additional 10% stake in the dating app Tinder.

IAC purchased the stake from VC firm Chamath Palihapitiya for about $500 million, according to Bloomberg.

Finally, Morgan Stanley upgraded the stock of on-line game developer Zynga ( ZNGA ) to Equal-Weight from Underweight after the company announced the appointment of former Best Buy ( BBY ) executive David Lee as the new CFO.

Lee will replace Mark Vranesh who will resign after working with Lee for a one month transition period.

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
Referenced Stocks: TZOO , IACI , ZNGA , BBY

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