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Sector Update: Technology

By: MT Newswires
Posted: 10/15/2013 8:40:00 AM
Referenced Stocks: AAPL;MSFT

Technology shares are generally higher in pre-bell trading, as Apple ( AAPL ) has tapped Angela Ahrendts, CEO of Burberry for the newly created position of a senior vice president of retail and online stores and member of the executive team, reporting to CEO Tim Cook.

Ahrendts will have oversight of the strategic direction, expansion and operation of both Apple retail and online stores. AAPL is up 0.18% at $496.95.

And, Microsoft ( MSFT ) was raised to Buy from Hold at Jefferies. It also had its price target raised to $42 from $33 per share. The upgrade reflects greater transparency in the company's operation structure and strong conviction surrounding MSFT's integration of cloud with Office 365. MSFT is flat at $34.45.