Technology Stocks Firing Up News Ahead of July 4th Weekend
Here’s a recap of some breaking stories re: major players in the technology sector (NYSE:XLK), which is up 1.12% this afternoon.
1) Indianapolis based electronics retail chain hhgregg Inc. (NYSE:HGG) announced today that it plans to hire 700 new employees scattered across 14 stores in the midwest. The company will enter the Chicago market this fall, and projected spikes in revenue and store visitors are thought to have motivated the move. Jeff Pearson, VP of marketing says, “The new team members will play an important role in introducing customers to the superior hhgregg shopping experience. Our friendly, helpful and knowledgeable staff are what make hhgregg unique.” HGG stock is off -.52% on the day, continuing a YTD downward trend that has seen shares shed 50% of value in the pat 9 months. Wall St. Cheat Sheet Premium Investment Newsletter Selection>>
2) Barnes and Nobles (NYSE:BKS) announced today that it will offer ebook customers a spicy new deal, “Beginning July 1, bring any eReader into a Barnes & Noble (BKS) bookstore to compare and upgrade to a NOOK device and receive an instant NOOK Book collection — 30 free digital titles valued at $315.” The company expects to take losses from the promotional campaign, but hopes the results will help boost the NOOK market share v. Amazon’s (NASDAQ:AMZN) Kindle, its main competitor. More stiff news for Amazon as it plans to downsize its operations in California substantially.
3) After having a rough go of things in its first week on public markets, internet radio leader Pandora (NYSE:P) is back in the green, up about 8% in trading today, at almost $3 above its IPO price-line ($18.94). News behind the gains today is that the company will host its first “financial analyst day” on Tues. July, 12. “The in-person event is by invitation only. All are invited to join the webcast live from Pandora’s Investor Relations.” The event will mark the break of a 25 day quiet period that the company must observe after its IPO, according to SEC rules. Two analysts currently cover Pandora, with one rating the web music service a “buy” and the other calling it a “sell,” many more are expected to initiate coverage after the event.
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