Sector Update: Technology

By Staff,

Shutterstock photo

Technology stocks are narrowly higher, with shares of technology companies in the S&P 500 climbing 0.1% in afternoon trade.

In company news, Pandora Media Inc. ( P ) is up 7.7% at $31.73, just 21 cents off its new 52-week high after JPMorgan raised its price target for the online music service by $10 to $35 a share, reiterating its Overweight rating for the stock.

In a new research note explaining the move, JPMorgan analyst Doug Anmuth writes P is nearing an inflection point in monetization as a result of its growing market share, buy-side platform integration and expanding salesforce. He also is cheered by Arbitron's recent decision to begin monitoring Internet radio, contending it will seal the company's place among advertisers as viable alternative to terrestrial radio.

P is scheduled to report its Q3 financial results on Nov. 21, and Anmuth wrote that while he expects some retrenchment in listener metrics such as hours and active users to slip slightly due to the recent iTunes radio launch, the drop is unlikely to have meaningful effect on Q3 revenue.

In other sector news,

(+) ICLD, (+198.0%) Online data management, storage and monitor service earns $0.12 per diluted share in Q3, reversing a $2.16 per share net loss last year. Revenue surges 448% over year-ago levels to $16.2 mln. No analyst estimates were available for comparison.

(-) LMOS, (-3.6%) Prices secondary offering of 2.51 mln shares by Quadrangle Capital Partners LP at $20 per share, a 2.6% discount to last night's closing price. The company did not receive any of the $50.2 mln in gross proceeds generated by the deal.

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: P

More from MT Newswires


MT Newswires

MT Newswires

Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by