Markets

Sector Update: Tech

Technology stocks were narrowly lower today with shares of technology companies in the S&P 500 slipping about 0.2% this afternoon.

In company news, LiveDeal Inc. ( LIVE ) shares surged as much as 22% Wednesday after reporting a four-fold increase over year-ago levels in the number of restaurants registering with the company's Deal Engine on a daily basis.

"We are encouraged by the feedback we've received from restaurants," CEO Jon Isaac said in prepared remarks. "We regularly receive reports LiveDeal's unique engine is helping to stimulate its customers restaurants' business."

The company did not provide specific customer numbers. LIVE last week reported a 244% jump in site visits for participating restaurants during the first week of a 35-city advertising program compared to reported website visits last year.

LIVE shares were up nearly 12% at $4.22 apiece, earlier climbing to a session high of $4.63 a share. The stock has a 52-week range of 79 cents to $11.94 a share, jumping 336.5% over the past 12 months.

In other sector news,

(+) ADBE, (+6.8%) Q2 net income of $0.37 per share, excluding items, tops Capital IQ consensus by $0.07. Revenue climbs 5.7% over year-ago levels to $1.07 bln, beating estimates by $40 mln.

(-) NPTN, (-3.3%) Projected Q2 non-GAAP net loss range of $0.16 to $0.26 per share exceeds analyst consensus by as much as $0.07. Sees revenue in range of $73 mln to $78 mln, bracketing $75.4 mln consensus. Q1 results match Street views.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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