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Sector Update: Technology Stocks Decline Pre-Market; Magnachip Drops on Planned Restatement of Results

Posted
3/12/2014 8:44:00 AM
By: MT Newswires
Referenced Stocks:MSFT;KING;MX

Top Technology Stocks:

MSFT: -0.58%

AAPL: -0.30%

IBM: -0.57%

CSCO: -0.19%

GOOG: -0.41%

Technology shares were lower in pre-market trade Wednesday.

In technology-stocks news, Microsoft ( MSFT ) said Mason Morfit, president of ValueAct Capital, has been appointed to the company's board and its audit committee. Microsoft also maintained its quarterly dividend rate of $0.28 per share.

King Digital Entertainment ( KING ) priced its IPO at $24 per share with plans to sell $22.2 million shares.

Magnachip Semiconductor ( MX ) shares were down 9.2% at $13.00 after the semiconductor manufacturer withdrew its Q4 guidance and said it will restate results for 2011, 2012 and three quarters of 2013.