Top Tech Stocks
Technology stocks turned slightly higher late this afternoon
with shares of technology companies in the S&P 500 up about
In company news, Avago Technologies Ltd (
) shares were holding on to moderate gains in late trade Thursday
after the analog chip-maker late yesterday agreed to sell its Axxia
Networking Business to rival chip-maker Intel Corp (
) for $650 million in cash.
AVGO bought the mobile networking and infrastructure products
manufacturer as part of its $6.6 billion purchase of LSI last
The former Hewlett Packard (
) subsidiary has been selling off selected LSI units to focus on
its core storage-chip business, agreeing in May to sell LSI's flash
storage unit to Seagate Technology plc (
) for $450 million in cash.
AVGO shares were ahead about 2.4% at $73.68 apiece in late
trade, earlier climbing to a session high of $74.23 a share. The
stock has traded within a 52-week range of $35.75 to $76.44 a
share, more than doubling in value over the past 12 months, rising
INTC was down about 0.9% at $33.78 a share shortly before
In other sector news,
(+) AMOT, Q2 net income rises 229% to $2.69 mln, or $0.29 per
share, up from a $819,000 profit last year. Revenue increased 145%
year over year to $62.1 mln. No analyst estimates were available
for comparison. U.S. sales climb 191% over year-ago levels.
(-) OCLR, Forecasts Q1 revenue in a range of $83 mln to $91 mln,
trailing Wall Street expectations by at least $8.3 mln. Blames
sales slowdown for 40G and lower-speed legacy products but expects
"strong demand for new 100G products" in FY15.
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