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Sector Update: Technology

By: MT Newswires
Posted: 8/1/2013 8:55:00 AM
Referenced Stocks: CTRX;NFLX

Technology shares are higher in pre-bell trading. Netflix ( NFLX ) says it is adding more features so customers can share their recommendations through Facebook or queue up movies for their friends and family. NFLX is up 1% pre-market.

And, in technology earnings news, Catamaran Corporation ( CTRX ) reported Q2 2013 adjusted earnings per share of $0.49 versus consensus estimate of $0.44. Revenues totaled $3.4 billion, compared to the $3.47 billion that analysts expected. Year-ago adjusted earnings per share was $0.25, on revenues of $1.7 billion.

The company also announced the signing of a definitive agreement for its acquisition of Restat, LLC, a privately held pharmacy benefit managers, for a purchase price of $409.5 million in cash.

As a result of the acquisition, the company is revising its 2013 full year financial guidance, with revenues of $14.2 to $14.6 billion and adjusted EPS of $1.87 to $1.92. Analysts are expecting EPS of $1.84 and revenues of $14.25 billion.