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Tech Stocks Lower But Outperforming Most Sectors; Zendesk Rallies in First Day as Public Company

Top Tech Stocks

MSFT -1.38%

AAPL -0.56%

IBM -1.19%

CSCO +6.69%

GOOG -1.11%

Technology stocks were lower today with shares of technology companies in the S&P 500 declining about 0.5% in late trade.

In company news, shares of Zendesk Inc. ( ZEN ) rallied Thursday during the first day as a public company for the cloud-based customer-service software firm, climbing as much as 48%.

ZEN shares opened today at $11.40 each after earlier pricing its initial public offering of 11.1 million shares at $9 apiece, the middle of its $8 to $10 range and snapping a string of sub-par IPO pricings for software stocks in recent weeks.

Shares surged as high as $13.37 each during today's session, more recently trading around 13.00 a share, up 44.4%.

In other sector news,

(+) CSCO, Fiscal Q3 EPS of $0.51 beats by $0.03 per share. Revenue falls 5.5% to $11.54 bln, topping consensus by $180 mln vs the $11.36 bln consensus. Sees FY14 EPS at the high end of guidance of $1.95 to 2.05. Street is at $1.98 per share.

(-) LIQD, Prices follow-on offering of 32 million shares at $1.25 each, a 45.6% discount to Wednesday's closing price.

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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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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