Top Tech Stocks
Technology stocks turned solidly lower this afternoon with shares of technology companies in the S&P 500 sliding about 1.0%.
In company news, Groupon Inc. ( GRPN ) is well off its best levels of the day, trading just 1.4% higher at $10.18 a share - just a penny off its session low - as momentum from an upgrade of the stock this morning by Wells Fargo starts to wane.
Shares earlier rose nearly 6% to $10.62 after the Wells Fargo analyst lifted the firm's rating for the daily-deal company to Outperform from Market Perform. The firm also more than doubled its price target range, increasing it $8 to $13 to $14 a share.
"We believe Groupon is positioned well to take continued share in the massive local commerce market," the analysts wrote in a new research note. "We are bullish on the company's strategy to transform into a 'pull' marketplace, away from its daily deals legacy, and early indications suggest this transition is gaining traction."
In other sector news,
(+) VIMC, Mixed-signal chip-maker receives large order for a Surveillance Video and Audio Coding-based system, valued at $41 mln overall. VIMC's share of the project is expected to total around $16 mln.
(-) P, Spotify officially rolls out a free music service for smartphones and tablets. The company previously had a free, advertising-supported music service for desktop computers but mobile users had to pay for an on-demand connection.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.