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Sector Update: Technology Shares Higher Pre-Market; Alaska Communications Falls 13%

Posted
3/7/2014 8:44:00 AM
By: MT Newswires
Referenced Stocks:HURC;ALSK

Top Technology Stocks:

MSFT: +0.21%

AAPL: +0.09%

IBM: +0.14%

CSCO: +0.23%

GOOG: +0.42%

Technology shares were generally higher in pre-market trade Friday.

In technology stocks news, computerized-machine-tools maker Hurco Cos. ( HURC ) reported a 5.1% increase in fiscal Q1 earnings as sales and service fees climbed on increased orders in Germany and China.

For the quarter ended Jan. 31, the company reported net income of $2.4 million, or $0.36 per share, up from $2.3 million, or $0.34 per share, a year earlier. No analyst estimates were available via Capital IQ for comparison.

Sales and service fees climbed 16% to $51 million, with the stronger euro providing a boost of $600,000. Gross margin slipped to 27% from 29%.

And, shares of Alaska Communications Systems Group Inc. ( ALSK ) tumbled 13% pre-market after the company late Thursday reported Q4 earnings that fell well short of analyst expectations.

ALSK reported a loss of $0.16 per share for Q4, while analysts had predicted that the company would earn $0.02 per share. The company edged revenue expectations with $74.5 million in sales, compared to analyst forecasts of $73.06 million. Shares of ALSK trade within a 52-week range of $1.55 - $3.90.