Technology shares are lower in pre-bell trading, as
International Business Machines Corp. (
) 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
And, Travelzoo Inc. (
) is down 7.01% at $24 in the pre-market session after the travel,
entertainment and local deals company reported mixed Q3
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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