Technology shares were generally higher in pre-market trade
In technology stocks news, high-performance radio-frequency
company RF Micro Devices (
) surged 23% after it and RF solutions supplier TriQuint
) said they agreed to combine in an all-stock transaction they
described as a merger of equals.
TQNT was up more than 25%.
The new company will have a new name and a leadership team that
pulls from both companies' current management.
Under the terms of the deal, TQNT shareholders will receive
1.675 shares of the new company and RFMD shareholders will receive
one share of the new company, for each TriQuint or RFMD share held.
At the closing of the transaction, the companies will execute a
one-for-four reverse-stock split resulting in approximately 145
million shares outstanding.
And, GT Advanced Technologies (
) was nearly 9% higher in pre-market trade after reporting a Q4
loss that was smaller than analysts had expected, while its FY
guidance straddled estimate.
The maker of materials for the consumer electronics, power
electronics, solar and LED industries said its Q1 non-GAAP loss
widened to $0.26 per share from a loss of $0.15 the year earlier
but was less than the $0.36 loss expected by analysts polled by
Capital IQ. Sales meanwhile were slightly weaker than expected,
dropping to $32.6 million from $102.3 million, below the $36.8
Finally, Palo Alto Networks (
) reported fiscal Q2 results that topped analysts' expectations
amid strong demand as companies increased their investments in
security against cyber attacks.
The cybersecurity firm said earnings in the quarter ended Jan.
31 doubled to $0.10 per share, topping the $0.09 average estimate
from analysts polled by Capital IQ. Sales rose 46% to $141.1
million, also coming in ahead of the $135 million consensus.
Copyright (C) 2013 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.