Declines in the high-growth technology sector dragged down U.S. markets Monday. The NASDAQ pulled back 1.16 percent, while the Dow Jones Industrial Average fell 1.02 percent. Additionally, analysts have lowered their first quarter earnings expectations after a harsh winter stunted economic growth. According to data from FactSet, S&P 500’s earnings are projected to decline 1.4 percent year-over-year. "People are trying to get more defensive ahead of this earnings season," said Keith Bliss, senior vice president of Cuttone & Co. "There have been revisions down on both earnings growth and revenue growth. They've been coming down pretty steadily since December." Here is how some tech companies reacted Monday:
Akamai Technologies, Inc. (NASDAQ: AKAM) shares traded in the range of $53.11 to $54.60 Monday before settling to close at $53.84, a decrease of 0.94 percent. The stock appears to be facing some resistance at the $54.61 and $55.65 levels with some support at $53.36 and $49.61. Shares of Akamai Technologies have gained approximately 14.0 percent year-to-date.
More information on Akamai Technologies and access to the free equity report can be found at:
www.WallStreetFundamentals.com/AKAM
InterDigital, Inc. (NASDAQ: IDCC) shares traded in the range of $32.25 to $33.10 Monday before settling to close at $32.74, a decrease of 0.82 percent. The stock appears to be facing some resistance at the $32.77 and $34.26 levels with some support at $31.77 and $30.17. Shares of InterDigital have gained approximately 11.0 percent year-to-date.
More information on InterDigital and access to the free equity report can be found at:
www.WallStreetFundamentals.com/IDCC
Glu Mobile Inc. (NASDAQ: GLUU) shares traded in the range of $4.06 to $4.27 Monday before settling to close at $4.11, a decrease of 1.67 percent. The stock appears to be facing some resistance at the $4.31 and $4.66 levels with some support at $4.09 and $3.97. Shares of Glu Mobile have gained approximately 6.0 percent year-to-date.
More information on Glu Mobile and access to the free equity report can be found at:
www.WallStreetFundamentals.com/GLUU
Vringo, Inc. (NASDAQ: VRNG) shares traded in the range of $3.72 to $3.84 Monday before settling to close at $3.77, a decrease of 1.31 percent. The stock appears to be facing some resistance at the $3.95 and $4.06 levels with some support at $3.76 and $3.56. Shares of Vringo are up approximately 27.0 percent year-to-date.
More information on Vringo and access to the free equity report can be found at:
www.WallStreetFundamentals.com/VRNG
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