Sector Update: Tech Stocks Turn Narrowly Higher Late; Avago Tech Rises After Selling Networking Products Unit

By Staff,

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Technology stocks turned slightly higher late this afternoon with shares of technology companies in the S&P 500 up about 0.1%.

In company news, Avago Technologies Ltd ( AVGO ) 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 ( INTC ) 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 December.

The former Hewlett Packard ( HPQ ) 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 ( STX ) 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 almost 102%.

INTC was down about 0.9% at $33.78 a share shortly before Thuesday's close.

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.

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
Referenced Stocks: AVGO , INTC , HPQ , STX

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