Sector Update: Technology

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Technology stocks were little changed Wednesday afternoon with shares of technology companies in the S&P 500 slipping less than 0.1% today.

In company news, GSI Group Inc. ( GSIG ) was down in late afternoon trading today, with shares slipping about 0.5% after revenue for the laser-measurement company missed analyst projections for the three months ended Dec. 31.

Quarterly revenue advanced 32.1% over year-ago levels to $87.7 million, lagging estimates by $310,000. It earned $0.18 per share during Q4, excluding one-time items, beating the Capital IQ consensus by $0.04 per share.

The company also offered in-line guidance for FY14 revenue, forecasting a range of $360 million to $370 million. The Street is looking for $361.87 million.

GSIG shares were down 0.5% at $12.26 each shortly before the closing bell, just 7 cents off its intra-day low. The stock has a 52-week range of $7.92 to $12.90 a share.

In other sector news,

(+) INFN, Raised to Buy from Neutral at Goldman Sachs, which contends consensus opinion "is underestimating the revenue growth potential associated with customer upgrades." Price target left unchanged at $11.50 a share.

(-) MX, The company's audit committee determines the chip-maker incorrectly recognized revenue on certain transactions dating back to its annual reports for 2011 and 2012 as well as quarterly results through the first nine months of 2013.



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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Referenced Stocks: GSIG

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