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Tech Stocks Narrowly Lower; Twitter Now Nearly Double Its IPO Price

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MSFT -1.43%

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Technology stocks are slightly lower in late afternoon trade with shares of technology companies in the S&P 500 slipping 0.2%.

In company news, Twitter Inc ( TWTR ) is up 5.5% at $51.86 a share in late trade, with the stock crossing $50 for the first time ever today, continuing to brush away any potential ill effects of three of the five underwriters for its Nov. 7 IPO issuing Hold or worse recommendations for the stock.

Morgan Stanley and J.P. Morgan Chase early last week initiated coverage of the micro-blogging website with an Equal-Weight and a Neutral rating, respectively, their equivalent of a Hold rating. But Bank of America Merrill Lynch, another underwriter for last month's initial public offering began its coverage last week with an Underperform rating and a $36 price target, citing an "unattractive valuation."

TWTR's other two underwriters, Goldman Sachs Group Inc. and Deutsche Bank AG, both have Buy ratings for the company's stock - now up 99.4% over its IPO price.

In other sector news,

(+) RMBS, Signs broad patent cross-license agreement with Micron Technology ( MU ), giving MU the right to use any RMBS patent TO manufacture specified integrated circuit and memory products. Payment capped at $10 mln per quarter. MU is down 0.1%.

(-) BBRY, Shares tumble to a 10-year low ahead of fiscal Q3 financial results due out next week.

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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