Research In Motion, Workday, Tesla: Tech Premarket (Update 1)
NEW YORK (TheStreet) -- Research In Motion (RIMM) shares jumped 12.16% to $12.45 after Goldman Sachs upgraded the Canadian-based technology company to buy on hopes for the BlackBerry 10.
Goldman Sachs raised its price target to $16 from $9. The BlackBerry 10 is scheduled to launch early next year. Goldman cited stronger-than-expected average selling price (ASP) on BlackBerry 10, better margins and channel inventories.
"We see a positive risk/reward heading into its BlackBerry 10 launch on Jan. 30," Goldman wrote in the report.
Workday (WDAY) shares rose 2.46% to $54.50 in premarket trading after the cloud computing company reported its first earnings report as a public company, beating Wall Street estimates.
The company generated a third-quarter loss of 39 cents a share on $72.6 million in revenue, up 99% from a year earlier. Wall Street analysts polled by Thomson Reuters expected a loss of 59 cents a share.
William Blair analyst Laura Lederman was positive on the report and the guidance, and was very positive on the company as a whole in a research note to clients.
"Given all of its opportunities, we believe Workday is as attractive of an asset as any for long‐term‐oriented investors. Over the course of the next decade, we believe it could become the dominant player in SaaS HR and financials, with the ability to grow subscription revenue in excess of 50% for the next three to five years. In addition, we believe it is positioned to grow above the overall SaaS group well into the future," Lederman wrote in her note. She rates Workday outperform.
For the fourth quarter, Workday expects sales to be between $75 million and $79 million. Analysts, on average, expect Workday to generate revenue of $70.7 million.
Facebook (FB) shares were active in premarket trading, gaining 1.25% to $26.69 as the social networker continues to move higher.
Since the company reported better-than-expected third quarter earnings, shares have gained 36.43%.