Sector Update: Technology

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Technology stocks were sharply higher near the close with shares of technology companies in the S&P 500 advancing around 1.0%.

In company news, BlackBerry (BBRY, BB.TO) shares were down about 4% heading into Monday's close after the smartphone manufacturer was hit with a pair of downgrades today by analysts at Evercore and Credit Suisse.

The moves follow BBRY early Friday reporting a smaller net loss than analysts were expecting but also saw quarterly sales falling under $1 billion for the first time in nearly six years, trailing the consensus call by a small margin.


Evercore today reduced its investment rating to Underweight from Equal Weight and trimmed its price target by $1 to $6 a share. Credit Suisse cut BBRY to Underperform from Neutral, also dropping its price target by $1 to $6 a share.

New analyst opinion was not all entirely negative, with Needham & Co today raising its call for BBRY shares to Hold from Underperform. Price target information was not available.

BBRY has down 4% at $8.07 in late afternoon trade, earlier sliding to a session low of $7.87 a share. The stock has a 52-week range of $5.44 to $16.59 a share.

BB.TO shares were off 4.2% at C$8.92 in late trade at the Toronto Stock Exchange.

In other sector news,

(+) MU, Rising ahead of addition tomorrow to the Barron's 400 in semi-annual re-balancing. Also mentioned positively in several new research notes at RBC Capital Markets and Drexel, with Stifel Nicolaus saying it expect MU to beat estimates when it reports Q2 results Thursday.

(-) VJET, Jefferies lowers price target for the 3-D printer company by $13 to $27 a share while keeping its Hold rating for the stock.



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.

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