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Tech Stocks Still Market Leaders; Parmetric Sound Hits Sour Chord After Pricing Offering at 30% Discount

By: MT Newswires
Posted: 4/24/2014 3:57:00 PM
Referenced Stocks: HEAR

Top Tech Stocks

MSFT +0.05%

AAPL +8.42%

IBM -0.73%

CSCO -0.68%

GOOG -0.43%

Technology stocks were ending with strong gains this afternoon with shares of technology companies in the S&P 500 jumping over 0.7%.

In company news, Parametric Sound ( HEAR ) tumbled hard Thursday, falling to a 14-month low after the audio equipment company priced underwritten offering of 4 million shares of its common stock at $10.00 each, a 30% discount to Wednesday's closing price.

The deal generated $35.6 million in net proceeds after paying underwriter discounts and other offering expenses. The remaining funds are slated to repay debt and for working capital and other general company purposes.

HEAR shares were down about 26.1% at $9.61 apiece in late-afternoon trade, just a penny off its session low and matching some of its worst prices since February 2013.

In other sector news,

(+) AAPL, Expands stock buyback by $30 billion; OKs 7-for-1 stock split, likely setting up the stock to join the Dow Jones Industrial index. Earns $11.62 per share in Q2 on $45.6 bln, topping consensus looking for EPS of $10.18 on $43.53 bln in revenue.

(-) SQNS, Q1 revenue rises 95.7% to $4.5 mln but lags expectations by $500,000. Net loss of $0.13 per share matches estimates. Q2 EPS guidance trails Street by at least $0.01 per share while projected revenue is at least $1.03 mln under consensus.