Tech Stocks Extending Gains; STMicroelectronics Up 2% Following Q1 Results

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Technology stocks were mostly higher, with shares of technology companies in the S&P 500 adding 0.8% this afternoon.

In company news, STMicroelectronics ( STM ) was up more than 2% in afternoon trading Tuesday after reporting a Q1 net loss narrower than analysts were expecting although its quarterly revenue came up shy of projections.

The specialty chip-maker posted an adjusted net loss of $0.01 per share, beating the Capital IQ consensus by $0.03 per share. Revenues fell 9.2% over the same period last year to $1.83 billion, lagging estimates by around $20 million. Excluding its legacy ST-Ericsson products, sales grew 0.7% year-over-year.

STM also is expecting Q2 revenue to decline between 1.5% to a rise of 5.5% from Q1 levels to a range of around $1.8 billion to $1.93 billion, in-line with the $1.93 billion consensus.

Separately, STM late yesterday said it promoted Jean-Marc Chery to chief operating officer, elevating him from his current responsibilities as general manger of its embedded processing solutions unit. He'll also continue in his role as vice chairman of the company's corporate strategic committee.

STM shares were ahead nearly 2.3% at $9.42 apiece in recent trade, slipping 5 cents from its intra-day high. The stock has a 52-week range of $7.20 to $10.05 a share, advancing about 17.7% during the past year.

In other sector news,

(+) AMKR, (+10.3%) Q1 earnings of $0.09 per share top Capital IQ consensus by $0.07. Revenue climbs 1.2% from same quarter last year to $696 mln, topping Street view by $17.53 mln. Q2 revenue outlook tops estimates by at least $2.15 mln.

(-) UCTT, (-26.8%) Q1 adjusted earnings of $0.27 per share lags expectations by $0.02. Revenue climbs 43.5% over last year to $144.2 mln, beating estimates by about $6.77 mln.



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