Tech Sector Near Even Near Close; Pagasystems Surging Following Q1 Results, Asset Purchase

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Technology stocks were narrowly lower late Wednesday with shares of technology companies in the S&P 500 falling around 0.1% this afternoon.

In company news, Pegasystems ( PEGA ) rallied Wednesday after reporting Q1 earnings and revenue that topped analyst expectations and also announcing a deal to acquire text analytics and social engagement assets to supplement its enterprise software offerings.

PEGA shares were up nearly 14% at $18.96 apiece late in Wednesday's session, earlier climbing to an intra-day high of $19.45 a share. The stock has a 52-week range of $13.08 to $25.77 a share, advancing over 44% over the past 12 months.

The company earned $0.20 per share during the three months ended March 31, beating the Capital IQ consensus by $0.03 per share. Revenue climbed 22.3% year over year to $142.2 million, topping the Street view by around $8.47 million.

PEGA last night also announced a deal to acquire the text analytics and social engagement software assets of MeshLabs Software Private Ltd,, which it expects to combine with its Better Business Software offerings. Financial terms of the transaction were not disclosed.

In other sector news,

(+) QTWW, Alternative-fuels company forms long-term partnership with Ryder ( R ) to develop a fleet of compressed natural gas-powered trucks. The companies also plan to work together on improving fuel system designs in the future.

(-) DTLK, Q1 net income of $0.06 per share, ex items, trails Street view by $0.11. Revenue rises 4.5% year over year to $139.5 mln, lagging estimates by $15.46 mln. Q2 EPS, revenue guidance miss by $0.08 and $12.32 mln, respectively.



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: PEGA , R

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