Sector Update: Technology

By Staff,

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Technology stocks are lower today with shares of technology companies in the S&P 500 falling about 1.4%.

In company news, Volterra Semiconductor ( VLTR ) is up nearly 55% to near $22.90 a share after Maxim Integrated Products ( MXIM ) this morning disclosed plans to acquire the chip-maker for $23 per share.

MXIM valued the deal at $450 million overall, net of VLTR's cash position. VLTR primarily develops chips for enterprise, cloud-computing, communications and networking markets. MXIM makes a broad range of semiconductors.

"With Volterra, we will strengthen our position in the enterprise and communications markets," said MXIM Chief Executive Tunc Doluca said in prepared remarks. MXIM shares are down 3% to $27.90 each.

In other sector news,

(+) A, (+2%, hit fresh 52 week highs) Earns $0.68 per share in fiscal Q4, beating Wall Street expectations by $0.06. Net revenue falls 4.1% to $1.65 bln, matching estimates. Forecasts Q4 EPS of $0.75 to $0.77 on $1.70 bln to $1.72 bln in revenue, in-line with Street view on both sides.

(-) CSCO, (-6.8%) Adjusted Q4 EPS of $0.52 beats by $0.01. Matches analyst estimates for revenue with 6.2% year over year rise to $12.4 billion but failing to meet the most optimistic expectations looking for 8% growth. Firm also said it will cut workforce by 4,000 jobs, or 5%.

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: MXIM , VLTR

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