Sector Update: Tech Stocks Slightly Higher Late; Facebook Keeps Adding to its Ad Business with Another Acquisition


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Technology stocks were narrowly higher in late trade Wednesday with shares of technology companies in the S&P 500 climbing about 0.1%.

In company news, Facebook ( FB ) shares were off more than 2% late in Wednesday's session and the social networking company this afternoon announcing a deal to acquire online video company LiveRail for an undisclosed sum.

LiveRail is known in ad-tech circles as a "supply side" platform, working with media companies such as A&E, Univision, Major League Baseball and BET, to sell video ads programmatically. According to FB, LiveRail's ambition is to become an integral part of the online-video advertising business.

FB shares were down 2.4% at $66.41 each, giving back all of a small gain earlier in the session. The stock has a 52-week range of $24.15 to $72.59 a share, climbing almost 170% in value over the past 12 months.

In other sector news,

(+) SFLY, The online photo company may be on the auction block, recently hiring Qatalyst Partners to help find potential buyers, sources tell Bloomberg News.

(-) CAMP, Outlook for Q2 adjusted EPS trails Street consensus by at least $0.01 while projected revenue lags estimates by at least $1.36 mln. Adjusted Q1 EPS of $0.19 beats by $0.01. Q1 Revenue rise 9.9% to $59 mln, tops analyst views by $960,000.

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

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This article appears in: Investing , Commodities

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