Sector Update: Tech


Technology stocks were narrowly higher in late trade Wednesday with shares of technology companies in the S&P 500 climbing about 0.1%.

In company news, Facebook ( FB ) shares were off more than 2% late in Wednesday session and the social networking company this afternoon announcing a deal to acquire online video company LiveRail for an undisclosed sum.

LiveRail is known in ad-tech circles as a "supply side" platform, working with media companies such as A&E, Univision, Major League Baseball and BET, to sell video ads programmatically. According to FB, LiveRail's ambition is to become an integral part of the online-video advertising business.

FB shares were down 2.3% at $66.49 each, giving back all of a small gain earlier in the session. The stock has a 52-week range of $24.15 to $72.59 a share, climbing almost 170% in value over the past 12 months.

In other sector news,

(+) SFLY, The online photo company may be on the auction block, recently hiring Qatalyst Partners to help find potential buyers, sources tell Bloomberg News.

(-) CAMP, Outlook for Q2 adjusted EPS trails Street consensus by at least $0.01 while projected revenue lags estimates by at least $1.36 mln. Adjusted Q1 EPS of $0.19 beats by $0.01. Q1 Revenue rise 9.9% to $59 mln, tops analyst views by $960,000.

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.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: FB

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