Sector Update: Technology

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Technology stocks were higher Thursday with shares of technology companies in the S&P 500 climbing 0.6%.

In company news, Equinix Inc. ( EQIX ) declined Thursday, with shares of the data-center services company falling 3% to $186.88 a share in recent trade and the company guiding Q1 revenue at least $3.41 mln under Street view. Its FY14 outlook also lagged the Capital IQ consensus by around $30 mln.

The weak outlook overshadowed strong financial results during its December quarter, earning $0.88 per share and beating Wall Street expectations by $0.06 per share. Revenue grew 11.5% over year-ago levels to $564.7 million, topping analyst estimates by $2.11 million.

In other sector news,

(+) TSLA, Q4 EPS of $0.33, ex items, beating estimates by $0.12 per share. Non-GAAP revenue rises 148.5% year over year to $761.3 mln, topping consensus view by $88.16 mln. Expects to deliver over 35,000 Model S vehicles in 2014, exceeding Wall Street expectations for around 29,000 in annual sales.

(-) SNPS, Announces deal to acquire chip-tester Coverity for $375 million in cash and debt, also reporting revenue in its fiscal Q1 trailing analyst forecasts by a narrow margin. Q2, FY14 sales guidance also lag Wall Street expectations.



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: EQIX

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