Sector Update: Tech Stocks Slipping; Commscope Still Lower After Carlyle Group Pares Stake


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Technology stocks were mostly lower this afternoon with shares of technology companies in the S&P 500 down nearly 0.5%.

In company news, shares of Commscope Holding Co. ( COMM ) have pared a portion of their early declines that followed the networking equipment company today priced an upsized secondary offering of 17.5 million shares of its common stock previously held by the Carlyle Group ( CG ).

The deal went out at $23.00 per share - a 2.7% discount to Thursday's closing price for the stock - and with an extra 2.5 million shares added to the offering above CG's original plan to sell 15 million shares.

COMM did not receive any proceeds from the offering. Its shares were down about 2.5% at $23.05 each in mid-day trade, earlier sinking to a session low of $22.66 a share. The stock has a 52-week range of $14.72 to $27.96 a share, rising 57.5% since pricing its initial public offering of stock at $15 a share in October 2013.

CG shares were off 0.5% at $32.48 apiece this afternoon. Following today's offering, its COMM stake fell to around 104.1 million shares, or just under 56% of the company's outstanding shares.

In other sector news,

(+) INTC, (+6.7%) Raises Q2 revenue outlook to $13.4 bln to 14.0 bln, at least $380 mln over estimates, citing rising computer sales. Boosts FY14 forecast to "some growth" from prior "flat" guidance. Street looking for a 0.7% rise to $53.06 bln.

(-) FNSR, (-23.0%) Adjusted Q4 EPS of $0.36 misses by $0.02 per share. Revenue rises 25.7% to $306 mln, topping estimates by $2.08 mln. Q1 EPS forecast lags Street view by at least $0.07 per share but projected revenue beats by at least $6.59 mln.

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
More Headlines for: COMM , CG

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