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Tech Sector Giving In To Late Selling; Ciena Continues to Pick Up Wall Street Support

Posted
10/7/2013 3:56:00 PM
By: MT Newswires
Referenced Stocks:CIEN;CSCO;GOOG;SAP

Top Tech Stocks

MSFT -1.56%

AAPL +1.12%

IBM -0.99%

CSCO -0.22%

GOOG -0.70%

Technology stocks are moderately lower today with shares of technology companies in the S&P 500 slipping about 0.3% in afternoon trade.

In company news, Ciena Corp ( CIEN ) is up 0.1% at $27.34 a share, earlier hitting a new 52-week high of $27.66 following more positive comments from analysts after last week's announcement the networking company unveiled new packet-networking solutions.

Among the research shops touting shares of this fiber-optic networking equipment company was Cowen, which is suggesting CIEN has "meaningful upside." An RBC Capital Markets analyst also bumped his price target by $4 to $28 per share.

In other sector news,

(+) BBRY, Reportedly in talks with Cisco Systems ( CSCO ), Google Inc ( GOOG ) and SAP ( SAP ) about selling all or part of the smartphone company, according to people with knowledge of the situation.

(-) IBM, Barclays downgrade to Equal-Weight from Overweight, with analyst Ben Reitzes writing in a new research note Big Blue could see some of its business affected by threats from cloud computing and software as a service.