Sector Update: Technology Shares Higher Pre-Market; Merger Deal Pushes RF Micro Devices, TriQuint Higher


Top Technology Stocks:

MSFT: flat

AAPL: -0.33%

IBM: +0.47%

CSCO: +0.72%

GOOG: +0.43%

Technology shares were generally higher in pre-market trade Monday.

In technology stocks news, high-performance radio-frequency company RF Micro Devices ( RFMD ) surged 23% after it and RF solutions supplier TriQuint Semiconductor ( TQNT ) said they agreed to combine in an all-stock transaction they described as a merger of equals.

TQNT was up more than 25%.

The new company will have a new name and a leadership team that pulls from both companies' current management.

Under the terms of the deal, TQNT shareholders will receive 1.675 shares of the new company and RFMD shareholders will receive one share of the new company, for each TriQuint or RFMD share held. At the closing of the transaction, the companies will execute a one-for-four reverse-stock split resulting in approximately 145 million shares outstanding.

And, GT Advanced Technologies ( GTAT ) was nearly 9% higher in pre-market trade after reporting a Q4 loss that was smaller than analysts had expected, while its FY guidance straddled estimate.

The maker of materials for the consumer electronics, power electronics, solar and LED industries said its Q1 non-GAAP loss widened to $0.26 per share from a loss of $0.15 the year earlier but was less than the $0.36 loss expected by analysts polled by Capital IQ. Sales meanwhile were slightly weaker than expected, dropping to $32.6 million from $102.3 million, below the $36.8 million consensus.

Finally, Palo Alto Networks ( PANW ) reported fiscal Q2 results that topped analysts' expectations amid strong demand as companies increased their investments in security against cyber attacks.

The cybersecurity firm said earnings in the quarter ended Jan. 31 doubled to $0.10 per share, topping the $0.09 average estimate from analysts polled by Capital IQ. Sales rose 46% to $141.1 million, also coming in ahead of the $135 million consensus.

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: RFMD , TQNT , GTAT , PANW

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