Sector Update: Technology

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Technology stocks were mostly higher Thursday, with shares of technology companies in the S&P 500 gaining 0.6% today.

In company news, Inteliquent Inc. ( IQNT ) shares rose to their best levels in nearly three years after the networking equipment company reported net income and revenue during the final three months of 2013 exceeding analyst estimates.

IQNT earned $0.27 per share during Q4, and beating the Capital IQ consensus by $0.08 per share. Revenue declined 13% year over year to $50.2 million, nudging out the Street view by around $90,000.

The company's outlook for FY14 also exceeds market opinion, with IQNT expecting to generate between $200 million to $210 million in revenue, topping estimates by $1.86 million.

Shares were up nearly 23% in recent trade at $14.68 each, earlier climbing to a session high of $14.86 a share, matching their best prices since July 2011.

In other sector news,

(+) BIDU, (+2.4%) Q4 EPS of $1.39 beats by $0.02 per share. Revenue grows 54.7% year over year to $1.57 bln, topping consensus by $30 mln. Forecasts Q1 revenue in a range of $1.526 bln to $1.573 bln, exceeding analyst view by at least $106 mln.

(-) UNXL, (-4.7%) Q4 net loss widens to $0.50 per share from a $0.30 loss last year and coming in $0.15 per share wider than estimates. Revenue jumps 462% over year-ago levels to $11,409, trailing consensus view expecting $1.28 mln in quarterly revenue.



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: IQNT

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