Technology Stocks Mixed in Pre-Bell Trading

Strategic Insights -

In pre-bell trading, technology stocks were exhibiting mixed performances, with Microsoft (MSFT) and Cisco Systems (CSCO) showing signs of momentum. However, IBM (IBM) was among the early decliners, with shares dropping 0.4% after a reportedly downgrade to Hold from Buy by Canaccord, citing valuation concerns. The firm's price target for IBM was set at $180. Meanwhile, Level 3 Communications (LVLT) and Global Crossing (GLBC) announced a definitive agreement for a tax-free, stock-for-stock transaction, with LVLT acquiring GLBC.

Key Takeaways:

  • Microsoft (MSFT) and Cisco Systems (CSCO) were among the technology stocks showing signs of momentum in pre-bell trading.
  • IBM (IBM) was down 0.4% after a reportedly downgrade to Hold from Buy by Canaccord, citing valuation concerns.
  • Canaccord's price target for IBM was set at $180.
  • Level 3 Communications (LVLT) and Global Crossing (GLBC) entered into a definitive agreement for a tax-free, stock-for-stock transaction, with LVLT acquiring GLBC.
  • LVLT had previously been indicated to be in an uptrend by the Comtex SmarTrend Alert system on November 9, 2010.
  • GLBC had previously been indicated to be in a downtrend by the Comtex SmarTrend Alert system on March 15, 2011.
  • CSCO had previously been indicated to be in a downtrend by the Comtex SmarTrend Alert system on February 11, 2011.

Statistics:

  • MSFT: +0.4%
  • AAPL: -0.2%
  • IBM: -0.4%
  • CSCO: 0.0%
  • GOOG: +0.2%
  • LVLT: +10.9% (up from $1.05 on November 9, 2010)
  • GLBC: -10.1% (down from $13.95 on March 15, 2011)
  • CSCO: $18.88 (price on February 11, 2011)
  • GLBC: $13.95 (price on March 15, 2011)
  • LVLT: $1.05 (price on November 9, 2010)

Sources:

  • Comtex News Network, Inc.
  • Comtex SmarTrend Alert
  • MidnightTrader.com
  • Canaccord
  • Level 3 Communications, Inc.
  • Global Crossing Limited