Top Tech Stocks
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.
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