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Tech Stocks Moderately Higher Near Close; Ubiquiti Networks Adds 12% Following Q1 Results

By: MT Newswires
Posted: 11/8/2013 3:39:00 PM
Referenced Stocks: UBNT

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MSFT +0.08%

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Technology stocks are higher shortly before the closing bell with shares of technology companies in the S&P 500 climbing 0.5% this afternoon.

In company news, Ubiquiti Networks ( UBNT ) is up 12.5% in late trade at $41.85 a share and the networking equipment manufacturer reporting fiscal Q1 earnings of $0.46 per share, beating analyst estimates by $0.06.

Revenue more than doubled over year-ago levels to $129.7 million, topping the Capital IQ consensus by $9.88 million.

UBNT is projecting Q2 earnings in a range of $0.42 to $0.46, or at least $0.02 better than estimates. Revenue is seen coming in between $130 million to $136 mln, exceeding the Street view by at least $6.93 million.

In other sector news,

(+) OLED, Reports a surprise $0.12 per share Q3 profit, easily beating analyst expectations for a break-even quarter for the maker of light-emitting diodes. Revenue also tops estimates and the company raised its full-year guidance.

(-) AVG, Q4 earnings guidance trails expectations by at least $0.05 per share while projected revenue lags Street view by as much as 18.6%. Q3 EPS of $0.52 beats by $0.05. Revenue climbs 5% year over year rise to $100.1 mln but still misses by 2.9 mln.