Sector Update: Technology

By Staff,

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Technology stocks were narrowly lower shortly before the closing bell this afternoon with shares of technology companies in the S&P 500 sinking just over 0.1%.

In company news, Telephone & Data ( TDS ) was lower in late Friday trade after the mobile networking equipment company announced plans to acquire BendBroadband for around $261 million in cash.

According to TDS, BendBroadband is a full-service communications company, offering a wide range of broadband, fiber connectivity, cable television, and telephone services for commercial and residential customers. It generated around $70 million in annual revenue last year.

A Q3 closing is expected.

TDS shares were down 1.1% at $27.21 each heading into today's close, or less than 20 cents above its session low. The stock has a 52-week range of $21.30 to $31.52 a share.

In other sector news,

(+) CALD, Q1 revenue grows 21.2% over year-ago levels to $30.9 mln, beating estimates by around $1.46 mln. EPS of $0.03 matches Street. Raises outlook for FY145 revenue by $1.5 mln over prior forecast, staying in-line with the analyst consensus.

(-) HTCH, Adjusted Q2 net loss of $0.28 per share is $0.02 wider than Wall Street estimates. Revenue declines 0.3% from the same quarter last year to $60.7 mln, lagging consensus by around $5.04 mln.

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: TDS

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