Top Tech Stocks
Technology stocks were set to finish near their session lows, with shares of technology companies in the S&P 500 sinking about 1.1%.
In company news, Silicon Graphics International Corp ( SGI ) advanced Wednesday following an upgrade of the computer servers and data storage company to Buy from Hold today at Needham & Co., which also set a $12 price target for the stock.
Citing an uptick in federal spending, Needham analysts Richard Kugele, David Rold and Kimberly Donovan concluded the worst is likely behind the company, adding SGI also is winning larger contracts.
The analysts also believe SGI has significant upside potential, provided management continues to execute well. "Near term, we are encouraged that Congress seems to be actively working together regarding the upcoming Federal Budget deadline of Dec. 11, and this should provide relief to companies like SGI that are closely tied to Federal spending cycles," according to a new research note today.
SGI shares were ahead almost 3% at $9.84, backing down from a session high of $10.38 a share. The stock has traded within a 52-week range of $7.90 to $14.43 a share, slipping more than 20% over the past year prior to today's gain.
More highlights from the note:
In other sector news,
(+) CYRN, Announces new partnership with the China-based mobile security company Bangcle, which will deploy CYRN's embedded antivirus and mobile security tools for android wireless devices in its software offerings.
(-) MCZ, Begins shipping of its Mad Catz CTRLi and micro CTRLi mobile gamepads controllers designed for Apple ( AAPL ) iPhone and iPad.
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