Technology stocks turned slightly higher late this afternoon with shares of technology companies in the S&P 500 up about 0.1%.
In company news, Avago Technologies Ltd ( AVGO ) shares were holding on to moderate gains in late trade Thursday after the analog chip-maker late yesterday agreed to sell its Axxia Networking Business to rival chip-maker Intel Corp ( INTC ) for $650 million in cash.
AVGO bought the movile networking and infrastructure products manufacturer as part of its $6.6 billion purchase of LSI last December.
The former Hewlett Packard ( HPQ ) subsidiary has been selling off selected LSI units to focus on its core storage-chip business, agreeing in May to sell LSI's flash storage unit to Seagate Technology plc ( STX ) for $450 million in cash.
AVGO shares were ahead about 2.4% at $73.69 apiece in late trade, earlier climbing to a session high of $74.23 a share. The stock has traded within a 52-week range of $35.75 to $76.44 a share, more than doubling in value over the past 12 months, rising almost 102%.
INTC was down about 0.9% at $33.78 a share shortly before Thuesday's close.
In other sector news,
(+) AMOT, Q2 net income rises 229% to $2.69 mln, or $0.29 per share, up from a $819,000 profit last year. Revenue increased 145% year over year to $62.1 mln. No analyst estimates were available for comparison. U.S. sales climb 191% over year-ago levels.
(-) OCLR, Forecasts Q1 revenue in a range of $83 mln to $91 mln, trailing Wall Street expectations by at least $8.3 mln. Blames sales slowdown for 40G and lower-speed legacy products but expects "strong demand for new 100G products" in FY15.
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