Sector Update: Technology
Technology stocks were finishing near their session lows with shares of technology companies in the S&P 500 slipping 0.6%.
In company news, shares of the Rubicon Project ( RUBI ) were higher shortly before the closing bell after the automated advertising company received upgrades today by analysts at Oppenheimer and RBC Capital Markets.
The stock was raised to Outperform from Perform at Oppenheimer, citing valuation and its recent Q1 results. RBC Capital Markets also rates RUBI shares at Outperform, up from Sector Perform, but lowered its price target by $3 to 19 a share.
RUBI shares were ahead just over 10% at $12.52 each in late trade, earlier advancing as high as $14.61 a share. The stock has traded in a range of $11.15 to $23.20 a share since its April 2 initial public offering.
In other sector news,
(+) NTWK, Reports fiscal Q3 net loss of $1.3 million, or $0.14 per share, reversing $1.6 million profit in the year-ago period. Revenue declines 25.4% to $9.4 mln. No analyst estimates were available for comparison.
(-) TTWO, Forecasts fiscal Q1 net loss at least $0.13 per share wider than estimates. Revenue guidance lags Street by at least $88.15 mln. FY15 EPS outlook also misses. Q4 EPS, revenue lag year-ago comparisons but still top consensus view.
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