Top Tech Stocks
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. (
) 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 (
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
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
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.
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