Sector Update: Technology

By Staff,

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Technology shares were generally lower in pre-market trading on Monday.

In technology stocks news, Microchip Technology ( MCHP ) said it has agreed to buy Supertex ( SUPX ) for $33 per share or a total equity value of $394 million. The enterprise value of the deal is $245 million after excluding Supertex's cash and investments on its balance sheet of approximately $148 million.

MCHP closed higher by 1.7% on Friday. SUPX jumped 36% to $33.25 after having been halted in pre-market trade.

And, SouFun Holdings ( SFUN ) was up 7% pre-market after it reported Q4 revenue of $217.2 million, up 47% from a year prior, and non-GAAP net income of $1.42 per share, up 80% from a year prior.

The Street consensus was for $203 million in earnings and $1.10 per share in earnings, according to Capital IQ estimates.

Finally, online media company Inc. ( SOHU ) slumped 7.7% in the pre-market session after reporting Q4 2013 revenues and Q1 2014 financial guidance that were below Wall Street expectations. Profit for Q4, however, was above estimates.

It said Q4 non-GAAP profit was US$5 million, or US$0.12 per diluted share, versus the Capital IQ consensus of US$(0.40). Year-ago non-GAAP profit was US$28 million.

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: MCHP , SUPX , SFUN , SOHU

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