Tech Stocks Little Changed in Mid-Day Trade; Western Digital Rising After Barclays Upgrade

By Staff,

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Technology stocks were little changed, with shares of technology companies in the S&P 500 slipping less than 0.1%.

In company news, shares of Western Digital ( WDC ) were up about 3.5% this afternoon, posting the best gain among technology stocks in the S&P 500 following an upgrade of the maker of hard drives and other storage devices to Overweight from Equal Weight at Barclays.

The research shop also set a $98 price target for the stock, citing increased cash return and plans by WDC to integrate its two subsidiaries.

WDC shares were ahead 3.8% at $85.76 each, earlier climbing to a session high of $85.86 a share. The stock has a 52-week range of $57.98 to $95.00 a share, advancing 45.75% over the past 12 months.

In other sector news,

(+) NTWK, (+4.4%) Reports fiscal Q3 net loss of $1.3 million, or $0.14 per share, reversing $1.6 million profit in the year-ago period. Revenue declines 25.4% to $9.4 mln. No analyst estimates were available for comparison.

(-) TTWO, (-6.0%) Forecasts fiscal Q1 net loss at least $0.13 per share wider than estimates. Revenue guidance lags Street by at least $88.15 mln. FY15 EPS outlook also misses. Q4 EPS, revenue lag year-ago comparisons but still top consensus view.

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: WDC

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