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Tech Stocks Dropping Ahead of Closing Bell; Groupon Losing Early Luster From Wells Fargo Upgrade

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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.

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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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