Technology stocks were sharply higher near the close with shares
of technology companies in the S&P 500 advancing around
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
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
(-) VJET, Jefferies lowers price target for the 3-D printer
company by $13 to $27 a share while keeping its Hold rating for the