Sector Update: Technology

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Technology stocks were slightly higher Thursday, with shares of technology companies in the S&P 500 advancing about 0.2% this afternoon.

In company news, Semtech ( SMTC ) shares rose Thursday after the specialty chip-maker reported Q1 earnings and revenue that beat analyst projections.

SMTC shares were up about 5.8% at $24.55 each in recent trade, earlier climbing to a session high of $24.74 a share. The stock has a 52-week range of $21.38 to $37.45 a share, declining nearly 32% over the past 12 months.

The company reported GAAP net income of $7.9 million, or $0.12 per share, during the three months ended April 27, down from $14.8 million during the year-ago period. Excluding non-recurring items, it earned $0.32 per share, exceeding the Capital IQ consensus estimate by $0.02 per share.

Revenues fell 18.2% year over year to $132.9 million, topping the Street view by around $2.67 million.

For the 12 months ending next January, SMTC is expecting adjusted per-share earnings in a range of $0.36 to $0.42, in-line with the analyst consensus looking for $0.37 per share.

Revenue for the current quarter ending in July is projected in a range of $138 million to $146 million, also matching estimates expecting a $138.29 million in quarterly revenue.

In other sector news,

(+) NTLS, (+16.4%) Extends strategic network alliance with Sprint ( S ) through 2022, acting as exclusive network provider for around 2.1 mln customers in West Virginia and Virginia.

(-) WUBA, (-6.8%) Q1 EPS of $0.03 trails consensus by $0.01 per share. Revenue of $48.2 mln lagged estimates by around $3.62 mln. Q2 revenue guidance of $61 mln to $63 mln tops Street view by at least $3.2 mln.



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: SMTC , S

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