Tech Sector Leading Market Rally; Acacia Research Slammed After Wide Q3 EPS, Revenue Misses
Top Tech Stocks
Technology stocks are higher today, with shares of technology companies in the S&P 500 rising 1.6% and helped by a 13.7% gain past $1,000 per share by Google ( GOOG ) after the search-engine giant reported Q3 earnings that topped analyst expectations by $0.37 per share.
In company news, Acacia Research ( ACTG ) is down nearly 21% at $15.52 a share, earlier sliding to a new 52-week low after posting $0.11 per share Q3 net loss, well below analyst forecasts expecting a $0.39 profit for the technology-patents aggregator.
ACTG also missed expectations for $49.66 million in quarterly sales by a wide margin, recording just $15.52 million in sales, or 68.7% under projections.
In other sector news,
(+) VJET, German 3-D printer company doubles in price after pricing its initial public offering of 6.5 million shares at $13 apiece, generating around $84.5 million in gross proceeds.
(-) AMD, Chip-maker reports first quarterly profit in nearly two years but outlook for the current quarter is less optimistic than analysts were expecting.