Technology stocks were slightly lower, with shares of technology
companies in the S&P 500 slipping less than 0.1%.
In company news, shares of Analog Devices (
) were higher Wednesday, advancing to their best levels since late
last year and reaching a new 52-week high after the chip-maker late
Tuesday reported Q1 net income and revenue that beat Wall Street
forecasts, prompting several equity analysts on Wednesday to boost
their price targets for the stock.
The moves also follow ADI's late Tuesday boosting its quarterly
cash dividend by 9% to $0.37 per share and authorizing an increase
for its stock-buyback program to $1 billion.
Analysts at Pacific Crest are expecting the biggest rise in
ADI's share price over the next year, forecasting $61 - or slightly
more than 19% over Tuesday's closing price for the stock. Canaccord
Genuity, meanwhile, is expecting shares to rally about 17% to $60 a
share, while J.P. Morgan and Credit Suisse are modeling a rise to
around $55 a share.
ADI earned $0.49 per share during the quarter ended Jan. 31,
topping expectations by $0.01, while revenue rose 1% year over year
to $628 million, nipping analyst estimates by $1 million.
The company also is projecting EPS of $0.54 to $0.58 on between
$660 million to $680 million in revenue. Analysts, on average, have
been expecting ADI to post earnings of $0.55 per share on around
$665.45 million in revenue, according to Capital IQ.
Shares were ahead 1.4% at $51.92 apiece in recent trade, earlier
advancing to an intra-day high of $52.38 a share.
In other sector news,
(+) FB, (+2.0%) Shares hit new all-time high, with the social
networking company's market capitalization rising past $175
billion, topping Coca-Cola (
) and AT&T (
). The stock is up 25% since the start of the year and is ahead 48%
over past three months.
(-) ARRS, (-2.0%) Shares slump ahead of the broadband equipment
manufacturer's reporting Q4 earnings after Wednesday's market
close. Wall Street is expecting the company to post a $0.44 per
share profit on $1.16 bln in revenue during the three months ended
Dec. 31, 2013, according to Capital IQ.
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