Technology stocks trimmed a portion of their earlier losses,
with shares of technology companies in the S&P 500 down nearly
1.0% shortly before the closing bell.
In company news, shares of Vimicro International Corp. (
) were up more than 35%, climbing to their best levels in more than
three years after the specialty chipmaker raised its Q4 revenue
guidance as well as its outlook for the current quarter.
VIMC now sees Q4 revenue in a range of $21 million to $22
million, up as much as 7.5% over its previous guidance for the
December quarter. It also said revenue for the quarter ending March
31 is on track for between 90% to 116% over year-ago levels to a
range of $15 million to $17 million.
The lone analyst following VIMC is looking for the company to
generate around $12 million in revenue during the current quarter,
according to Thomson Reuters. No analyst projections are available
Shares were up 35.1% at $4.00 apiece in late Monday trading,
earlier rising to $4.64 a share - their best price since January
In other sector news,
(+) XGTI, Shares rally as much as 77% after the wireless
networking company is granted a U.S. patent for cognitive radio
enabling high-performance spectrum sharing.
(-) EPAM, Said it is continuing to monitor developments in
Ukraine where it operates delivery centers employing around 2,600
engineers. It also has around 1,300 employees at delivery centers
in Russia, adding there have been no disruptions yet to operations
or Internet connectivity.
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