Tech Stock Trimming Earlier Losses; Vimicro International Rallies After Raising Q4, Q1 Revenue Guidance


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Technology stocks trimmed a portion of their earlier losses, with shares of technology companies in the S&P 500 down nearly 1.0% shortly before the closing bell.

In company news, shares of Vimicro International Corp. ( VIMC ) are up more than 35%, climbing to their best levels in more than three years after the specialty chipmaker raised its Q4 revenue guidance as well as its outlook for the current quarter.

VIMC now sees Q4 revenue in a range of $21 million to $22 million, up as much as 7.5% over its previous guidance for the December quarter. It also said revenue for the quarter ending March 31 is on track for between 90% to 116% over year-ago levels to a range of $15 million to $17 million.

The lone analyst following VIMC is looking for the company to generate around $12 million in revenue during the current quarter, according to Thomson Reuters. No analyst projections are available for Q4.

Shares were up 35.1% at $4.00 apiece in late Monday trading, earlier rising to $4.64 a share - their best price since January 2011.

In other sector news,

(+) XGTI, Shares rally as much as 77% after the wireless networking company is granted a U.S. patent for cognitive radio enabling high-performance spectrum sharing.

(-) EPAM, Said it is continuing to monitor developments in Ukraine where it operates delivery centers employing around 2,600 engineers. It also has around 1,300 employees at delivery centers in Russia, adding there have been no disruptions yet to operations or Internet connectivity.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: VIMC

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