Markets

Technology Sector Update for 11/17/2014: YHOO,DDD,SHOR,MITL, BABA

Top Tech Stocks

MSFT -0.01%

AAPL -0.19%

IBM +0.36%

CSCO +0.27%

GOOG -1.41%

Technology stocks were slightly lower, with shares of technology companies in the S&P 500 sliding about 0.1%.

In company news, Yahoo ( YHOO ) has turned higher again Monday, rebounding from a mid-morning slump that erased early gains that carried the stock to a 14-year high after a Citigroup analyst this morning reiterated his Buy rating for the Internet firm and set a $63 a share price target for the stock.

In a new research note, Citigroup analyst Mark May labeled YHOO as "our best idea," suggesting the stock trades at a 37% discount compared with Alibaba ( BABA ) shares, adding YHOO Chief Executive Marisa Meyer will find a tax-efficient way to monetize the company's 15% BABA stake.

"We believe a tax-free transaction is highly likely," May said. "Assuming 100% likelihood of a tax-free sale of the BABA stake and maintaining all else constant represents (a) $12 or 24% upside."

May expects YHOO will announce its plans for its BABA shares sometime before reporting its Q4 financial results in late January.

YHOO shares were ahead about 0.2% at $51.87 each, climbing back near its best share price since July 2000 at $52.00 a share earlier.

In other sector news,

(+) DDD, (+3.5%) Launches 3DPRINTING 2.0 with several new, next-generation printers, advanced material options and additions to its design-to-manufacturing digital thread.

(-) SHOR, (-9.9%) Mitel ( MITL ) withdraws $574 mln buyout proposal, blaming "repeated" refusal by SHOR board to engage in discussions of any kind about a possible deal.

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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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