Markets

Sector Update: Tech

Technology shares were generally lower in pre-market trading Monday.

Tesla Motors ( TSLA ) was about 3% higher pre-market after Deutsche Bank raised its investment rating on the shares to buy from hold and boosted its price target to $310 from $220 per share.

Magic Software Enterprises ( MGIC ) was up 5.8% before the opening bell after it reported Q2 earnings in line with analysts' expectations. The maker of an application platform and business and process integration solutions said non-GAAP diluted earnings edged higher one cent to $0.11 per share, in line with the average estimate from analysts polled by Capital IQ. Sales rose to $40.6 million from $34.8 million, topping the $39.9 million consensus.

International Game Technology ( IGT ) said it has received early termination of the required waiting period under the Hart-Scott-Rodino Antitrust Act for company's merger transaction with GTECH. GTECH agreed to acquire the gaming company for $6.4 billion, consisting of $4.7 billion in cash and stock and the assumption of $1.7 billion in net debt.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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