Tech Stocks Lower in Afternoon Trade; Universal Display Up 6%, But Well Off Highs On Sales Outlook, Q2 Results

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MSFT -0.15%

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Technology stocks are lower today with shares of technology companies in the S&P 500 declining about 0.3%.

In company news, Universal Display ( OLED ) is up about 6% at $31.10, earlier climbing as high as $35.40 after projecting its FY13 sales at the high end of its prior guidance expecting sales of $110 mln to $125 mln. Analysts, on average, are expecting around $118.78 mln in sales this year.

The company also posted Q2 earnings that beat analyst expectations, recording a $0.33 per share gain, topping the Street view by $0.05 per share. Revenue beat expectations by over 30%.

In other sector news,

(+) UBNT, (+25.5%, but nearly $3 off new 52 week highs hit earlier) Reports Q4 net income of $0.33 per share, ex non-recurring items, $0.06 better than estimates. Revenue rises 6.7% to $101.2 mln, beating Street view by $7.92 mln. Issues upside Q1 guidance, with projected EPS topping analyst by $0.11 or more.

(-) WWWW, (-6.5%) Discloses plans for a $225.0-mln of senior convertible notes due 2018. The company expects to use net proceeds to pay down existing debt.



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This article appears in: Investing , Commodities

Referenced Stocks: OLED

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