Tech Rally Supported By Apple Stock Buyback; Adept Tech Climbs to New 52-Week High Following Q2 Results

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Technology stocks were higher this afternoon with shares of technology companies in the S&P 500 gaining over 1.4%, aided by a 1.5% advance for Apple ( AAPL ) after the sector giant said it purchased around $14 billion of it shares after the stock slumped last month after its growth forecasts disappointed some investors.

In company news, Adept Tech ( ADEP ) was set to finish with a 21% advance at $18.42 a share, earlier setting a new 52-week high of $18.67 after its fiscal Q2 earnings of $0.01 per share beat analyst estimates by $0.02 per share.

The quarter was the first time in nearly four years ADEP generated operating income.

Revenues rose 35.2% year over year to $14.6 million, also topping Wall Street expectations by around $700,000.

In other sector news,

(+) SMT, Shares rise to two-year highs after the maker of interactive whiteboards posted earnings and sales that beat analyst forecasts. It also announced plans to exit its touch-sensor business for desktop displays.

(-) ELON, Guides Q1 net loss of $0.13 to $0.08 per share, or at least $0.02 wider than analyst estimates. Revenue is projected in a range of $16 mln to $18 mln, lagging consensus view by at least $1.03 mln. Q4 EPS was in-line while revenue topped expectations.

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) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
Referenced Symbols: AAPL , ADEP

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