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Sector Update: Technology

By: MT Newswires
Posted: 8/23/2013 3:46:00 PM
Referenced Stocks: EXPE

Technology stocks are higher with shares of technology companies in the S&P 500 rising about 0.7%.

In company news, Expedia Inc ( EXPE ) is up nearly 6% in late trade at $49.21 a share, rising as high as $51.31 today after the travel-reservations website announced a strategic marketing agreement with its longtime rival Travelocity.

Under terms of the exclusive, long-term strategic marketing agreement, EXPE will power the technology platforms for Travelocity's existing websites in the U.S. and Canada while providing Travelocity access to its supply and customer services.

Travelocity will remain wholly-owned by Sabre Holdings Corp, independent of EXPE. The deal also does not include Travelocity's partner network or its lastminute.com website in Europe. Both firm were beginning development on the marketing pact immediately, with a launch planned sometime during 2014.

In other sector news,

(+) MSFT, CEO Steve Ballmer announces plans to retire within the next 12 months once a successor is identified and hired.

(-) P, Expects to earn between $0.03 to $0.06 per share, ex items, in Q3, lag Thomson Reuters consensus by at least $0.02. Issues in-line EPS guidance for 12 months ending in January. Q2 EPS of $0.04, ex items, on 55% rise in revenue both top estimates.