Tech Stocks Selling Off In Late Trade; IBM Said Starting U.S. Job Cuts


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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.

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This article appears in: Investing , Commodities

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