Sector Update: Technology Shares Sink Pre-Market; Level 3 Communications Q1 Results Swings to Profit

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Top Technology Stocks:

MSFT: flat

AAPL: +0.38%

IBM: -0.12%

CSCO: -0.21%

GOOG: -0.12%

Technology shares were generally lower in pre-market trade Wednesday.

In technology stocks news, Level 3 Communications ( LVLT ), a provider of integrated communications services, reported it swung to a Q1 profit and raised its outlook for 2014 adjusted earnings before interest, taxes, depreciation and amortization.

The company posted a net profit of $112 million, or $0.47 per share, compared with a prior-year net loss of $78 million, or $0.36 per share. Analysts polled by Capital IQ were looking for earnings of $0.27 per share.

And, Ascent Solar Technologies ( ASTI ), a developer and manufacturer of thin-film photovoltaic modules integrated into its EnerPlex series of consumer products, has announced the shipment of an over $750,000.00 order to Fry's Electronics.

Shares of ASTI are up $0.10, or 19.30%, at $0.63 with a 52-week range of $0.42 - $1.33.

Finally, Garmin ( GRMN ) reported fiscal Q1 earnings and sales that were well ahead of analysts' expectations.

The maker of navigation, communication and information devices said pro-forma earnings in the quarter ended March 29 rose 38% to $0.55 per share, beating the $0.44 average estimate from analysts polled by Capital IQ. Sales rose 10% to $583.2 million, also coming in ahead of the $541 million consensus estimate.

GAAP income jumped to $118.8 million or $0.61 per share from $88.7 million or $0.45 per share.



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: LVLT , ASTI , GRMN

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