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. (
) 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
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
(-) 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.