Tech Stocks Little Changed This Afternoon; NetScout Surges to 13-Year High After Q2 Results


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MSFT +1.01%

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Technology stocks are little changed this afternoon, with shares of technology companies in the S&P slipping less than 0.1%.

In company news, NetScout Systems ( NTCT ) is up nearly 17.5% at $30.00 a share, earlier reaching its best level since January 2000 at $30.09 a share after the network equipment and applications provider reported better-than-expected Q2 results, driven by sizable growth in its product revenues.

NTCt reported Q2 earnings of $0.34 per share, ex one-time items, topping the Capital IQ consensus by $0.05 per share. Revenue of $92.2 million also beat expectations by $3.44 million.

During the same period last year, the company reported EPS of $0.34 on revenues of $84.55 million.

The company also reaffirmed its FY14 guidance, forecasting non-GAAP EPS in a range of $1.40 to $1.50 and revenue between $385 million to $400 million. The Street is looking for a $1.45 per share profit on $389.47 million in revenue.

In other sector news,

(+) SNDK, (+7.8%) Raised to Strong Buy from Buy at Needham & Co, which also increased its price target for the computer memory company by $10 to $90 a share. The upgrade follows SNDK posting Q3 EPS that beat expectations and issuing upbeat Q4 guidance.

(-) RDA, (-1.4%) Reduces Q3 revenue outlook by more than $21 million to a new range of $84 mln to $85 mln, trailing the Capital IQ consensus by at least $22.75 mln.

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.

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

This article appears in: Investing , Commodities

Referenced Stocks: NTCT

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