Top Tech Stocks
Tech stocks are mostly higher with shares of technology
companies in the S&P 500 advancing 0.4% as a group.
In company news, Amazon.com Inc. (
) 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
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. Credit Agricole also bumped its price target by $15 to $400
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.
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