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Tech Stocks Unable to Crack Break-Even Mark; Imation Surges After Posting Surprise Q2 Profit

By: MT Newswires
Posted: 7/31/2013 3:47:00 PM
Referenced Stocks: IMN

Top Tech Stocks

MSFT -0.16%

AAPL +0.02%

IBM -0.33%

CSCO -0.12%

GOOG -0.16%

Technology stocks are narrowly lower, with shares of technology companies in the S&P 500 sinking about 0.1%.

In company news, Imation ( IMN ) is up more than 14% at $4.80 a share shortly before the close and the data-storage company reporting adjusted Q2 net income of $0.11 per share, turning around a $0.32 per share loss during the same quarter last year and topping analyst expectations looking for a $0.31 per share loss.

Revenue declined 21.8% to $211.7 million, trailing the Street view by around $8.3 million.

In other sector news,

(+) MX, Q2 earnings of $0.71 per share, ex items, beats consensus view by $0.12. Revenue climbs 6.3% over same quarter last year to $215.3 million, all topping consensus. Also, approves new, $100-million stock buyback program.

(-) JIVE, Guides Q3 revenue below consensus. FY13 outlook also trails analyst expectations, with projected $0.62 to $0.59 per net loss at least a penny wider than forecasts. Robert W. Baird downgrades to Neutral from Outperform.