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Sector Update: Technology

By: MT Newswires
Posted: 3/12/2014 8:47:00 AM
Referenced Stocks: MSFT;KING;MX

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.