Tech Stocks Narrowly Higher Near Close; LTX-Credence Soars After Acquiring Dover Units


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Technology stocks are higher in late trade this afternoon with shares of technology companies in the S&P 500 rising 0.2%.

In company news, LTX-Credence ( LTXC ) is up nearly 39% at $5.82, just pennies off its best levels of the session after the company today said it would buy Dover Corp's ( DOV ) Multitest and Everett Charles Technologies units for about $93.5 million in a deal expected to be "immediately accretive" to earnings.

The company, which makes automated test equipment for the semiconductor industry, said it will pay $73.5 million in cash with the remaining $20 million paid with a promissory note. The acquisition will create a combined company with trailing 12-month pro forma revenues of approximately $420.0 million, LTXC said.

LTXC shares are recovering from a 52-week low of $4.05 set on Tuesday. DOV is up 0.4% at $87.85 in late trade, reversing initial declines.

In other sector news,

(+) BLOX, Q4 EPS of $0.14 per share, ex items, tops estimates by $0.05. Revenue climbs 39.9% from last year to $63.1 mln, also beating Street view by $3.8 mln. Issues mixed guidance for Q1, FY14.

(-) SEAC, Q2 revenue rises 1.8% from same quarter last year to $37.38 mln but still trails estimates by $1.02 mln. Adjusted EPS of $0.10 beat by $0.02 per share. Reaffirms in-line FY14 EPS outlook but guides FY14 revenue below consensus.

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: DOV , LTXC

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