The Dow Jones Industrial Average (DJINDICES:^DJI) is little moved this morning, up just 18 points as of 11:30 a.m. EST. There was little economic news to affect the broader market; with few major economic releases, investors were left to focus on individual stocks.
Tech giant Microsoft (NASDAQ:MSFT) is one of the Dow's biggest losers, shedding about 0.7%. Other, smaller tech names were up, however, including 3D Systems (NYSE:DDD) up about 6.3%, and Gogo (NASDAQ:GOGO), up 25% today -- and more than 45% since its IPO in June.
Microsoft stumbles as CEO search heats up
There was no specific news to account for Microsoft's slide, but the company's ongoing CEO search looks to be coming to a close. Analysts at Nomura wrote last week that Alan Mulally, Ford's current CEO, will be named Microsoft's chief executive within the month. Other reports have put the focus on Stephen Elop, Nokia's now-former CEO.
If Elop is named to head up Microsoft, he would consider selling the Xbox division, according to Bloomberg. The Xbox One, Microsoft's third console, is set to be released in less than two weeks, ahead of Black Friday in the U.S. The Xbox One will compete against Sony's PlayStation 4 and Nintendo's Wii U. At $500, it's more expensive than its rivals -- priced at $400 and $300, respectively -- but it offers more features. Microsoft demonstrated these entertainment-focused features in a video released Friday.
3D Systems rises after unveiling scanner
Shares in 3D-printing name 3D Systems are making gains following the release of its new, consumer-grade 3D scanner. The Sense 3D Scanner retails for $399 and lets users scan in objects for 3D printing. Most notably, the Sense 3D Scanner will be available for purchase in Staples stores throughout the country later this month.
While 3D Systems' scanner might be a relatively minor advancement in 3D printing, all things considered, more tools to facilitate the process should help move 3D printing technology forward. Indeed, $399 is a relatively modest price point -- the device should be affordable to the masses and could help 3D printing appeal to more than just enthusiasts.
Early reviews have been favorable. TechCrunch, reviewing 3D System's new tool, wrote: "[The] price is right and I came away awfully impressed with the little thing."
Gogo continues to deliver for IPO buyers
While investors may have been focused on Twitter, another, smaller IPO may have flown under the radar. Gogo's shares have appreciated by a quarter following a very strong earnings report. The company, which provides in-flight wireless Internet to airline passengers, went public in June and has now rallied more than 45% since its debut.
Gogo isn't profitable -- the company reported a loss of $0.22 per share -- but is more profitable than analysts expected (they were looking for a loss of about $0.31 per share). Gogo's revenue jumped 48% from the prior year to $85.4 million, more than the $76.8 million analysts anticipated. Gogo also raised its guidance for the rest of the year, saying that it now expects to post revenue of $325 million this year, up from its previous estimate of $315 million.