Sector Update: Technology

By Staff,

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Technology stocks are moderately lower this afternoon, with shares of technology companies in the S&P 500 sliding about 0.3%.

In company news, Nuance Communications Inc ( NUAN ) is up about 3% at $18.85 a share after billionaire investor Carl Icahn increased his stake in the maker of speech-recognition software to 16.9%.

Icahn also is considering putting up a slate of director nominees for the NUAN board, explaining in a regulatory filing last night that he and his affiliates have "determined that they may engage in discussions with the issuer regarding the possibility of the addition of persons satisfactory to the Reporting Persons to the Board of Directors of the Issuer.'

The filing also states Icahn has now spent roughly $995 million overall to acquire his 52.4 million shares and 16.9% stake, up from a 9.3% interest first disclosed in April.

The NUAN board last week adopted a shareholders rights plan with a 20% trigger in a frequent move by companies seeking to keep would-be acquirers at bay.

In other sector news,

(+) CRM, (+12.8%) Q2 EPS of $0.09 beats by $0.02 while revenue climbs 30.8% over year-ago quarter to $957 mln, topping estimates by $18 mln. Guides Q3 earnings at least $0.01 per share above Street, revenue in-line. FY14 EPS, revenue also match estimates.

(-) OVTI, (-15.2%) Q1 revenue climb 44.8% year over year to $373.7 mln but misses by $2.7 mln. EPS of $0.55 beats by $0.12 per share. Issues guidance in-line with analyst projections for $0.50 per share profit on $376.39 mln in revenue. Also, Oppenheimer downgrades.

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: NUAN

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