Sector Update: Tech Stocks Declining; CalAmp Climbs Over 4% After William Blair Starts Coverage with Outperform Recommendation


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Top Tech Stocks

MSFT +1.75%

AAPL -1.20%

IBM +0.77%

CSCO -0.67%

GOOG -1.60%

Technology stocks were mostly lower, with shares of technology companies in the S&P 500 sinking about 0.6% as a group in afternoon trade.

In company news, CalAmp Corp. ( CAMP ) advanced Thursday after William Blair began coverage of the mobile networking equipment company with an Outperform rating, expecting the company to benefit from strong machine-to-machine and mobile resource management growth.

No price target information was available.

CAMP shares were up more than 4% at $17.56 apiece this afternoon, earlier reaching a session high of $17.74 a share. The stock has traded within a 52-week range of $14.71 to $34.85 a share, rising about 12.3% over that 12-month span.

In other sector news,

(+) MSFT, (+1.8%) Discloses plans to idle as many as 18,000 workers, with over two-thirds of the layoffs coming from its mobile handset business recently acquired from Nokia ( NOK ).

(-) SNDK, (-12.7%) Fiscal Q3 revenue outlook expecting between $1.675 bln to $1.725 bln trails analyst projections by at least $15 mln. Q2 EPS of $1.41 beats by $0.02 per share while its $1.63 bln in revenue tops Street by $30 mln.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
More Headlines for: CAMP , NOK

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