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Sector Update: Technology Shares Higher; Verint Shares Halted on Q2 Beat
By: MT Newswires
Top Technology Stocks:
Technology shares are higher in pre-bell trading. Verint Systems ( VRNT ) shares are halted as it reports Q2 $223 million of non-GAAP revenue, and $0.70 of non-GAAP fully diluted earnings per share. Analysts expected revenue of $215 million and EPS of $0.52 per share, according to Capital IQ.
The company expects fiscal 2014 revenue to increase between 6% and 7% compared to the year ended January 31, 2013. It expects fully diluted earnings per share in the range of $2.75, plus or minus $0.05. Analysts expect $2.74 per share.
And Ciena Corporation ( CIEN ) reported Q3 earnings of $0.23 per share, versus the Capital IQ consensus of $0.16. Revenues were $538.4 million, versus the analyst estimate of $533.51 million.
In the same period last year, the company reported loss per share of $0.04 on revenues of $474.1 million. The company expects Q4 revenues of $550 million - $580 million. The Street view is for revenues of $550.91 million.
Shares are up 11% at $22.85 in the pre-market session, with a 52-week range of $11.95 - $23.63.
Finally, Broadcom ( BRCM ) has updated its guidance for Q3, saying it now sees revenue between $2.075 billion and $2.175 billion, versus the prior guidance of $2.05 billion - $2.20 billion. Analysts polled by Capital IQ are expecting $2.127 billion.
The company sees GAAP and non-GAAP product gross margins to be up roughly 50 to 100 basis points; and GAAP and non-GAAP research and development, and selling, general and administrative expenses to be somewhat above the high-end of the previously guided range of about $5 million to $15 million and flat to above $20 million, respectively.