Sector Update: Technology

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Technology shares are lower in pre-bell trading, as International Business Machines Corp. ( IBM ) is down 8% after it 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.

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.



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This article appears in: Investing , Commodities

Referenced Stocks: IBM , TZOO

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