Technology stocks were trading down pre-market Friday.
Early movers include:
(-) Yelp ( YELP ), which was more than 31% lower after it reported a sharp increase in Q3 earnings, but said that business slowed in the quarter and forecast revenue for the year below Wall Street expectations.
(-) Activision Blizzard ( ATVI ) was declining by more than 13%. Thursday it reported net income declined versus year ago and expectations in Q3, as revenue came in at $1.51 billion, compared with $1.61 billion in the year-ago quarter. Analysts polled by Capital IQ were expecting revenue of $1.66 billion.
(+) Finisar ( FNSR ) was gaining more than 22% after the Californian communications company said that it had agreed to be acquired by II-VI ( IIVI ), a provider of optoelectrical components, for approximately $3.2 billion.
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The Technology Select Sector SPDR ETF (XLK) was trading at $69.64 per share on Friday afternoon, down $1.43 (-2.01%). Year-to-date, XLK has gained 9.24%, versus a 4.32% rise in the benchmark S&P 500 index during the same period.
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