Sector Update: Technology


Tech stocks are mostly higher with shares of technology companies in the S&P 500 advancing 0.4% as a group.

In company news, Inc. ( AMZN ) is up nearly 9% at $361.92 a share, earlier climbing to a new 52-week high of $368.37 after late yesterday reporting Q3 sales rose 23.8% year over year to $17.09 bln, beating estimates by $330 million. Net loss of $0.09 per share was in-line with forecasts.

The online retailer also sees Q4 revenues of $23.5 billion to $26.5 billion, straddling the Capital IQ consensus expecting $25.9 billion in quarter sales.

Following the positive results, the stock was upgraded to Strong Buy from Market Perform at Raymond James while analysts at Deutsche Bank and Stifel both raised their price targets by $65 to $400 a share. Credot Agricole also bumped its price target by $15 to $400 a share.

In other sector news,

(+) MKTO, Narrows Q3 net loss by $0.02 compared to last year, beating analyst estimates by $0.04. Revenue jumps 65.6% year over year to $25.5 mln, topping Street view by $2.07 mln. Expects wider Q4 loss than analysts but sees revenue beating expectations.

(-) QLIK, Q3 revenue rises 20.9% over the same quarter last year to $104.1 mln, trailing Street view by $3.69 mln. EPs of $0.05 beats by $0.02 per share. Guides Q4 EPS, revenue guidance at least $0.14 per share and 4.92 mln under consensus, respectively.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: AMZN

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