Sector Update: Tech
Technology stocks were posting strong gains Friday, with shares of technology companies in the S&P 500 rising nearly 0.9% as a group.
In company news, TubeMogul ( TUBE ) surged in its market debut Friday after the enterprise software company focused on digital branding and advertising priced an initial public offering of 6.25 million shares at $7 apiece, at the bottom of its expected $7 to $8 range.
TUBE shares recently were up nearly 49% at $10.41 each after previously climbing to a session high of $10.78 a share. The stock opened trading at $9.00 a share, quickly establishing a bottom at $8.15 and steadily climbed throughout much of the morning.
After first paying underwriter discounts and commissions, along with other offering expenses, TUBE expects to pocket around $37.2 million in net proceeds from the IPO, increasing to around $43.3 million if underwriters fully exercise options to buy up to 937,500 shares cover possible overallotments.
The company did not specify how it expects to use its new funds other than for general company purposes, including acquiring or investing in complementary businesses or technologies, although it does not have any prospective deal in the works at this time, according to the final prospectus.
In other sector news,
(+) ZHNE, (+24.1%) Names James Norrod to be the company's new CEO. He previously worked at Infinite Power Solutions, Segway, Telebit, ITK, CGX and Octocom prior to joining ZHNE.
(-) AMD, (-17.5%) Q2 adjusted net income of $0.02 per share misses by $0.01. Revenue climbs 24.1% over same quarter last year to $1.44 bln, matching Street view. Sees Q3 revenue in a range of $1.43 bln to $1.51 bln, lagging estimates by at least $60 mln.
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