Markets

Sector Update: Technology Shares Mixed Pre-Market; Alcatel-Lucent Up 3% on Plans to Cut Workforce

Top Technology Stocks:

MSFT: +0.03%

AAPL: +0.38%

IBM: -0.01%

CSCO: -0.13%

GOOG: -0.45%

Technology shares are mixed in pre-bell trading, while Alcatel-Lucent ( ALU ) is up 3% after the company disclosed plans to cut 10,000 jobs worldwide by the end of 2015 as part of what it calls its 'Shift Plan' to restore profitability.

The company noted that all geographic areas where Alcatel-Lucent operates will contribute to the layoffs, with the reduction of 4,100 positions in Europe, Middle East and Africa, 3,800 in Asia Pacific and 2,100 in Americas. By the end of 2015, Alcatel-Lucent will also halve the number of its business hubs globally.

And, Zulily Inc. is expected to announce plans for an initial public offering this week, The Wall Street Journal reports, citing people familiar with the matter said.

Zulily, based in Seattle, has already made a confidential filing with the Securities and Exchange Commission earlier this year, those people said. It my reveal details as soon as today.

Zulily has few major competitors that also specialized in online deals for children's clothes, but Groupon ( GRPN ) and LivingSocial sometimes claim marketshare. GRPN is up 1% at $11.13 in pre-market trade.

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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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