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Tech Stocks Still Dropping; Twitter Said Near Deal for Payments Systems, Picks Up Buy Recommendation

Posted
1/17/2014 3:55:00 PM
By: MT Newswires
Referenced Stocks:TWTR

Top Tech Stocks

MSFT -1.52%

AAPL -2.41%

IBM +0.49%

CSCO -0.26%

GOOG -0.50%

Technology stocks are ending lower with shares of technology companies in the S&P 500 falling about 0.6%.

In company news, Twitter Inc. ( TWTR ) rose Friday, with shares advancing about 2.3% at $61.98 apiece and the micro-blogging website today started at Buy with a $75 a share price target in new coverage at Stifel Nicolaus.

TWTR reportedly is close to a deal with payments firm Stripe to develop eCommerce tools for the social network. ReCode and other online news websites said an agreement would allow TWTR users to make payments directly through the site. TWTR and Stripe have declined to comment when contacted by other media today.

In other sector news,

(+) KONE, Shares nearly triple in price after the wireless equipment company narrows FY13 net loss by 43% to $3.65 per share. Revenue balloons 697% to $11.6 mln. Forecasts $500,000 to $1 mln FY14 profit on $12 mln to $15 mln in revenue.

(-) INTC, Earns $0.51 in Q4, lagging estimates by $0.01 per share. Revenue up 2.6% year over year to $13.83 bln, topping consensus view by $90 mln. Sees Q1 revenue of $12.3 bln to $13.3 bln and gross margins of 59%, matching Street estimates.