Netflix, Baidu, Apple, Facebook: Tech Premarket
NEW YORK (TheStreet) -- Netflix (NFLX) was a big loser in premarket trading on Tuesday, tumbling 3.56% to $70.90, reversing some of its gains from Monday.
Shares of the Internet video provider rose 10.46% on Monday after Morgan Stanley upgraded the company to "overweight" with an $85 price target.
The Los Gatos, Calif.-based firm was also one of the most active premarket Nasdaq stocks on share volume of 115,076.
Baidu (BIDU) was another loser in premarket trading. Shares of the Chinese Internet giant were off 3.97% at $109.75 on share volume of 82,926 after the company received a downgrade from Credit Suisse.
Apple (AAPL) shares dipped 0.34% to $636.01 before market open, despite continuing rumors about the tech giant's iPad Mini. Earlier this week, The Wall Street Journal reported that Apple is ordering up to 10 million units of the iPad Mini for the fourth quarter, citing some Asian component suppliers. The Cupertino, Calif.-based company was another active premarket Nasdaq stocks on share volume of 128,322. Facebook (FB) shares slipped 0.25% to $20.35 in premarket trading, after tumbling 2.44% on Monday after analyst firm BTIG downgraded shares to sell with a $16 price target. BTIG analyst Richard Greenfield cited concerns about the social networker's mobile business. Chip giant Intel (INTC) was off 1.29% to $22.22 before market open. Shares of IBM (IBM), which announced a cloud partnership with AT&T (T) on Tuesday, gained 0.42% to reach $210.70. Both companies will sell the new cloud service using private networks rather than the public Internet. Targeted at Fortune 1000 companies, the service combines AT&T's virtual private networking with IBM's SmartCloud Enterprise+ technology. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: tips@thestreet.com.Select the service that is right for you!
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