Tech Stocks Moderately Higher Near Close; Ubiquiti Networks Adds 12% Following Q1 Results


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

In company news, Ubiquiti Networks ( UBNT ) is up 12.5% in late trade at $41.85 a share and the networking equipment manufacturer reporting fiscal Q1 earnings of $0.46 per share, beating analyst estimates by $0.06.

Revenue more than doubled over year-ago levels to $129.7 million, topping the Capital IQ consensus by $9.88 million.

UBNT is projecting Q2 earnings in a range of $0.42 to $0.46, or at least $0.02 better than estimates. Revenue is seen coming in between $130 million to $136 mln, exceeding the Street view by at least $6.93 million.

In other sector news,

(+) OLED, Reports a surprise $0.12 per share Q3 profit, easily beating analyst expectations for a break-even quarter for the maker of light-emitting diodes. Revenue also tops estimates and the company raised its full-year guidance.

(-) AVG, 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

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