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Sector Update: Technology

By: MT Newswires
Posted: 10/4/2013 2:31:00 PM
Referenced Stocks: OPEN

Technology stocks are moderately higher, with shares of technology companies in the S&P 500 rising 0.3% this afternoon.

In company news, online restaurant-reservation service OpenTable Inc. ( OPEN ) is 1.25% higher at $70.60 a share following an upgrade to Overweight from Neutral at Piper Jaffray, which also raised its price target for the stock by $15 to $80 a share.

Shares spiked as high as $72.47 each early in the session for a nearly 4% advance before falling to their current range, interrupted by an extended mid-day rally that lifted the stock back over $71 before dissipating.

In other sector news,

(+) CMTL, (+7.8%) Q4 GAAP earnings of $0.28 per share beat Capital IQ Consensus by $0.05 per share. Revenue declines 25.2% year over year to $84.4 mln, also topping Street estimates by $4.11 mln. Issues in-line guidance for FY14.

(-) XRTX, (-6.5%) Q3 revenue fall 21.1% year over year to $217.3 mln but still beats analyst consensus by $7.99 mln. EPS of $0.21, ex items, beats by $0.13 per share. Sees Q4 earnings, revenue in-line with estimates.