Markets

Technology Sector Update for 12/22/2015: MSFT, AAPL, IBM, CSCO, GOOG, NFLX, ASTI, NTAP

Top Technology Stocks:

MSFT: +0.5%

AAPL: -0.1%

IBM: flat

CSCO: flat

GOOG: +0.2%

Technology shares were mixed in pre-market trade on Tuesday.

In technology stocks news, Netflix ( NFLX ) inched higher in pre-market trade following a ValueWalk report that said Greenlight Capital chief David Einhorn is cautious on the company. He points out Netflix shares have soared while earnings estimates have been declining, the story says, adding that investor Carl Icahn sold all of his shares earlier this year and turned a handsome profit. Einhorn reportedly said earnings estimates for Netflix itself have declined throughout the year as analysts slashed their estimates around each earnings report. However, the company's stock has been soaring all year, creating a huge disparity between earnings and share price performance, the story said, citing Business Insider. Shares in the company were up 0.2% at $116.90 in pre-market trade, at the upper end of the 52-week range of $45.26 - $133.27.

Ascent Solar Technologies ( ASTI ) rose in pre-bell trade after it said it has completed the refinancing of its senior notes, reducing the balance to approximately $52,000. The company expects the remainder to be converted or retired in the near future. Shares in the company were up 2.6% at $0.16 in the pre-market session, trading at the lower end of the 52-week range of $0.10 - $2.08.

And NetApp ( NTAP ) declined in pre-market trade after it said late Monday that it will pay $870 million to acquire SolidFire, which makes all-flash storage systems built for next-generation data centers. The deal is expected to close in Q4 of fiscal 2016, NetApp said. SolidFire's products will be eventually be incorporated into NetApp for data management across flash, disk and cloud resources. SolidFire's CEO, Dave Wright, will head his company's product line within NetApp's product operations. Shares in the company were down 5.7% at $26.02, on track to sinking below the 52-week low of $27.41.

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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