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Sector Update: Technology
By: MT Newswires
Technology stocks are little changed this afternoon, with shares of technology companies in the S&P 500 slipping less than 0.1%.
In company news, NetScout Systems ( NTCT ) is up nearly 17.5% at $30.00 a share, earlier reaching its best level since January 2000 at $30.09 a share after the network equipment and applications provider reported better-than-expected Q2 results, driven by sizable growth in its product revenues.
NTCt reported Q2 earnings of $0.34 per share, ex one-time items, topping the Capital IQ consensus by $0.05 per share. Revenue of $92.2 million also beat expectations by $3.44 million.
During the same period last year, the company reported EPS of $0.34 on revenues of $84.55 million.
The company also reaffirmed its FY14 guidance, forecasting non-GAAP EPS in a range of $1.40 to $1.50 and revenue between $385 million to $400 million. The Street is looking for a $1.45 per share profit on $389.47 million in revenue.
In other sector news,
(+) SNDK, (+7.8%) Raised to Strong Buy from Buy at Needham & Co, which also increased its price target for the computer memory company by $10 to $90 a share. The upgrade follows SNDK's posting Q3 EPS that beat expectations and issuing upbeat Q4 guidance.
(-) RDA, (-1.4%) Reduces Q3 revenue outlook by more than $21 million to a new range of $84 mln to $85 mln, trailing the Capital IQ consensus by at least $22.75 mln.