Latest Reports from the Technology Sector – Facebook and Pandora Media Rise

NEW YORK, NY / ACCESSWIRE / January 17,
2017 / The Dow Jones Industrial Average slipped Friday as the post-election rally for stocks has begun to slow down. The Dow Jones Industrial Average declined 0.03 percent to close at 19,885.73, down 0.4 percent for the week ended Friday, January 13th. The Nasdaq Composite Index gained 0.48 percent to close at 5,574.12, up 0.94 percent for the week.

On Friday, the S&P 500 Index gained 0.18 percent to close at 2,274.64, down 0.11 percent for the week. The S&P 500 Index received a boost after Bank of America, J.P. Morgan Chase and Wells Fargo kicked off earnings season with relatively strong quarterly results. Despite rising Friday, the S&P 500 Financial sector still ended the week down 0.1 percent.

Facebook Inc. (NASDAQ: FB)

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Facebook’s shares gained 1.36 percent to close at $128.34 a share Friday. The stock traded between $127.37 and $129.27 on volume of 24.88 million shares traded. Analysts at Raymond James have recently upgraded the company’s rating to “strong buy” from “outperform” as a result of strong overall social network ad spending in the fourth quarter. According to data from FactSet, the mean rating, which consists of 45 estimates, on Facebook is currently a “buy” with a price target of $115. Facebook is scheduled to reported earnings on Wednesday, February 1st.

Pandora Media Inc. (NYSE: P)

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Pandora Media’s shares spiked 6.33 percent to close at $12.76 a share Friday. The stock traded between $12.61 and $13.07 on volume of 17.35 million shares traded. On January 12th, the company announced that it expects to exceed its previously announced fourth-quarter revenue and adjusted EBITDA guidance forecasts due to “strong advertising performance” and surpassing 4.3 million in paid subscribers. Pandora also announced plans to reduce its workforce by approximately 7 percent by the end of the first quarter in hopes of reducing overall operating costs in 2017.

“During the fourth quarter, we accelerated our core advertising business, increased advertising RPM and saw strong improvements in adjusted EBITDA,” said Tim Westergren, CEO of Pandora. “Now, with all of the elements of our strategy in place, we are in the best position possible to expand our listener base, drive engagement and deliver significant value to all of our stakeholders.”

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Disclaimer: This article is written by an independent contributor of RDInvesting.com and reviewed by Hemal K. Gandhi, a CFA® charter holder. RDInvesting.com is neither a registered broker dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.

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