Sector Update: Tech Stocks Declining; CalAmp Climbs Over 4% After William Blair Starts Coverage with Outperform Recommendation
Top Tech Stocks
Technology stocks were mostly lower, with shares of technology companies in the S&P 500 sinking about 0.6% as a group in afternoon trade.
In company news, CalAmp Corp. ( CAMP ) advanced Thursday after William Blair began coverage of the mobile networking equipment company with an Outperform rating, expecting the company to benefit from strong machine-to-machine and mobile resource management growth.
No price target information was available.
CAMP shares were up more than 4% at $17.56 apiece this afternoon, earlier reaching a session high of $17.74 a share. The stock has traded within a 52-week range of $14.71 to $34.85 a share, rising about 12.3% over that 12-month span.
In other sector news,
(+) MSFT, (+1.8%) Discloses plans to idle as many as 18,000 workers, with over two-thirds of the layoffs coming from its mobile handset business recently acquired from Nokia ( NOK ).
(-) SNDK, (-12.7%) Fiscal Q3 revenue outlook expecting between $1.675 bln to $1.725 bln trails analyst projections by at least $15 mln. Q2 EPS of $1.41 beats by $0.02 per share while its $1.63 bln in revenue tops Street by $30 mln.