Sector Update: Technology

By Staff,

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Technology stocks are moderately higher with shares of technology companies in the S&P 500 adding about 0.7%.

In company news, Veeva Systems Inc. ( VEEV ) is set to close with an 85% advance over its IPO price after raising $260.9 million from its initial public offering of stock.

The maker of of Web-based software for the medical industry twice raised it IPO price, finally setting on a $20 price tag for each of its 13.05 million shares offered to the public.

With today's gains, VEEV has a market capitalization of around $4.4 billion.

In other sector news,

(+) MLNK, Narrows fiscal Q4 net loss by over 63% from year-ago levels to $0.17 per share. Revenue climbs 4.6% year over year to $181 mln. No analyst estimates were avaible for comparison.

(-) OCZ, Non-GAAP Loss of $0.26 per share is $0.08 wider than expectations; Sales plunge 62% from year-ago levels to $33.5 mln, also trailing estimates by $6.64 mln. Data-storage firm also says it won't provide guidance for upcoming quarters.

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: VEEV

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