Sector Update: Technology

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Technology stocks are lower today with shares of technology companies in the S&P 500 falling about 1.7%.

In company news, NetApp Inc ( NTAP ) is down just 0.8% at $42.00 a share, recouping much of its earlier 5% decline that followed the data-storage company issuing fiscal Q2 guidance that trailed analyst expectations.

NTAP also reported Q1 revenue of $1.52 billion, up 4.9% over the year-ago quarter but trailing the analyst consensus by around $10 million. It earned $0.53 per share, ex items, during the quarter, beating the Street view by $0.04.

For Q2 ending in October, the company is projecting EPS of $0.60 to 0.65 on $1.56 billion to $1.66 billion in revenue, largely falling below analyst estimates. Analysts also are concerned NTAP may not see its usual pickup in government spending that typically arrives with the end of the federal government's fiscal year.

In other sector news,

(+) VLTR, Agrees to $23-a-share buyout offer from Maxim Integrated Products ( MXIM ). The deal is valued at $450 million overall, net of VLTR's cash position.

(-) CSCO, 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 The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: MXIM , NTAP

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