Sector Update: Tech

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Technology stocks were slightly higher in afternoon trade, with shares of technology companies in the S&P 500 climbing about 0.3%.

In company news, Xilinx Inc. ( XLNX ) tumbled to a 16-month low Wednesday after the specialty chip-maker reported above-consensus earnings during its fiscal Q1 but also forecast more declines in future revenue.

Q1 EPS was $0.62, up from a $0.56 per share gain during the year-ago period and beating the Capital IQ consensus by $0.01 per share. Revenue increased 6% year over year to $613 million, lagging the Street view expecting $631.6 million.


Revenue was down about 1% from the prior quarter, with XLNX attributing the decline to weaker-than-anticipated sales from its defense and wireless businesses.

For the current quarter, XLNX is expecting sales to be flat to down 4% sequentially while analysts currently are modeling a 5% increase to around $644.1 million.

Separately Tuesday, XLNX declared a quarterly cash dividend of $0.29 per share, payable August 27 to shareholder of record on Aug. 6.

XLNX shares were down nearly 15% at $40.98 each in recent trade, earlier sinking to a session low of $39.13 a share, matching its worst share price since March 2013.

In other sector news,

(-) MANH, (-1.8%) Q2 EPS of $0.29 beats by $0.02 per share. Revenue rises 19.5% to $122.5 mln, topping consensus by $10.46 mln. Raises FY14 guidance to new range of $1.10 to $1.12 per share, exceeding Street by at least $0.03. Projected revenue also beats.

(-) UIS, (-19.6%) Reverses $20.4 mln profit last year with $12.1 mln Q2 net loss. Excluding one-time items, earns $0.11 per share, missing Street view by $0.82 per share. Revenue slips 6% to $806 million, lagging estimates by $21 mln.



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

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This article appears in: Investing , Commodities

Referenced Stocks: XLNX

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