Tech Stocks Advance in Afternoon Trade; Universal Display Q3 Performance Lights Up Share Price

By Staff,

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Technology stocks are moderately higher with shares of technology companies in the S&P 500 climbing 0.5% this afternoon.

In company news, Universal Display Corp ( OLED ) are up 25% after reporting better-than-expected Q3 results and raised its full-year guidance.

The maker of light-emitting diodes earned $5.5 million, or $0.12 per diluted share, during the quarter, reversing a $0.12 per share net loss in the year earlier period and easily surpassing analyst expectations for a break-even quarter for the company.

Revenue nearly tripled from year-ago levels to $32.8 million, also beating the Capital IQ consensus by $11.3 million.

Looking forward, OLED is expecting to finish FY13 with between $142 million to $144 million in revenue, up from its prior guidance looking for $110 million to $125 million in revenue. The Street currently is anticipating $128 million.

In other sector news,

(+) UBNT, (+15.7%, hit new 52 week highs) Reports fiscal Q1 earnings of $0.46 per share, topping the analyst consensus by $0.06. Revenues rise 110.9% to $129.7 mln, beating Street view by $9.9 mln. Q2 EPS guidance exceeds estimates by at least $0.02, revenue by $6.93 million.

(-) AVG, (-13.6%) Q4 earnings guidance trails expectations by at least $0.05 per share while projected revenue lags Street view by as much as 18.6%. Q3 EPS of $0.52 beats by $0.05. Revenue climbs 5% year over year rise to $100.1 mln but still misses by 2.9 mln.

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: OLED

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