Sector Update: Technology

By Staff,

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Technology stocks gave in to late profit-taking, with shares of technology companies in the S&P 500 ending with a 0.4% decline today.

In company news, shares of International Business Machines Corp. ( IBM ) were narrowly lower in late Friday trading and the technology giant reportedly beginning to lay off a portion of its U.S. workforce as part of a recently announced $1 billion restructuring.

Workers in New York, Vermont, Minnesota, Iowa, Missouri, Oklahoma and North Carolina were fired yesterday, according to Bloomberg News, citing an employee group, Alliance@IBM. IBM had 431,212 employees worldwide at the end of 2013, according to regulatory filings.

Shares were down 0.6% at $184.22 each in recent trade, bouncing off its session low after giving in to a late selloff. The stock has a 52-week range of $172.19 to $215.90 a share.

In other sector news,

(+) YOKU, Q4 net loss of $0.02 per share tops analyst consensus by $0.03. Revenue climbs 46% over same quarter last year to $148.9 million, topping estimates by $3.55 million. Q1 guidance of $110.3 mln to $116.8 mln is in-line with $114 mln consensus. Mentioned cautiously by Pacific Crest.

(-) NIHD, Warns it needs to "significantly" improve operating performance and liquidity to meet its financial obligations and fund the business in 2015 and beyond. Q4 net loss of $4.33 per share is $2.48 wider than expected. Revenue falls 21.8%.

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: IBM

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