Sector Update: Technology Shares Higher; Verint Shares Halted on Q2 Beat

By Staff,

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Top Technology Stocks:

MSFT: -0.63%

AAPL: +2.04%

IBM: -0.01%

CSCO: +0.30%

GOOG: +0.01%

Technology shares are higher in pre-bell trading. Verint Systems ( VRNT ) shares are halted as it reports Q2 $223 million of non-GAAP revenue, and $0.70 of non-GAAP fully diluted earnings per share. Analysts expected revenue of $215 million and EPS of $0.52 per share, according to Capital IQ.

The company expects fiscal 2014 revenue to increase between 6% and 7% compared to the year ended January 31, 2013. It expects fully diluted earnings per share in the range of $2.75, plus or minus $0.05. Analysts expect $2.74 per share.

And Ciena Corporation ( CIEN ) reported Q3 earnings of $0.23 per share, versus the Capital IQ consensus of $0.16. Revenues were $538.4 million, versus the analyst estimate of $533.51 million.

In the same period last year, the company reported loss per share of $0.04 on revenues of $474.1 million. The company expects Q4 revenues of $550 million - $580 million. The Street view is for revenues of $550.91 million.

Shares are up 11% at $22.85 in the pre-market session, with a 52-week range of $11.95 - $23.63.

Finally, Broadcom ( BRCM ) has updated its guidance for Q3, saying it now sees revenue between $2.075 billion and $2.175 billion, versus the prior guidance of $2.05 billion - $2.20 billion. Analysts polled by Capital IQ are expecting $2.127 billion.

The company sees GAAP and non-GAAP product gross margins to be up roughly 50 to 100 basis points; and GAAP and non-GAAP research and development, and selling, general and administrative expenses to be somewhat above the high-end of the previously guided range of about $5 million to $15 million and flat to above $20 million, respectively.

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: BRCM , CIEN , VRNT

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