Technology

Technology Sector Update for 08/01/2016: ETSY,FLTX,VZ,SCTY,TSLA

Top Tech Stocks

MSFT -0.69%

AAPL +1.05%

IBM +0.21%

CSCO +0.44%

GOOG +1.11%

Technology stocks were falling back from their recent gains on Monday, with shares of tech companies in the S&P 500 rising about 0.1% during Monday trade.

In company news, Etsy Inc. ( ETSY ) shares jumped out to a big gain on Monday after analyst coverage of the online marketplace company was started with a buy rating at Citigroup, which also set a $14 price target for the stock.

Etsy is scheduled to release its Q2 financial results after Tuesday's closing bell. Analysts, on average, are expecting the company to report a net loss of $0.01 per share on about $80.55 million in net sales, according to Capital IQ, improving on $0.07 per share loss and sales of $61.37 million during the year-ago period.

ETSY shares were up over 17% at $11.84 each, backing down from an earlier rise to $11.89 a share.

In other sector news,

(+) FLTX, (+38.8%) Agrees to $2.4 bln buyout offer from Verizon ( VZ ), which will pay $60 for each FLTX share, a 39.6% premium over Friday's closing price.

(-) SCTY, (-7.2%) Confirms definitive $2.6 bln merger agreement with Telsa, which will pay $25.37 per share in stock for SCTY. Also installs 201 megawatts during Q2, up 40% over year-ago levels and topping its 185-MW forecast.

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.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

TSLA VZ ETSY

Other Topics

Commodities