Sector Update: Tech
Technology stocks were finishing little changed today with shares of technology companies in the S&P 500 slipping less than 0.1%.
In company news, International Rectifier Corp ( IRF ) climbed to an all-time high Wednesday after the specialty semiconductor company agreed to a $3 billion buyout offer from Infineon, accepting $40 per share in cash from the German chip-maker.
The company today also reports Q4 non-GAAP earnings of $21.9 million, or $0.30 per share, reversing a $1.2 million net loss last year and topping the Capital IQ consensus by $0.03. Revenue also beat analyst estimates.
IRF shares recently were ahead over 47% at $39.11 apiece, easing slightly from its new record high of $39.50 a share.
In other sector news,
(+) CPAH, Inks strategic channel agreement with a "major" supplier of networking equipment to sell its enterprise over-the-top communications systems to operators worldwide. Financial terms of the pact were not disclosed.
(-) TEDU, Projected Q3 revenue of $38.5 mln to $39.5 mln trails Street view by at least $2.53 mln while FY14 outlook lags expectations by at least $1.72 mln. Q2 non-GAAP EPS of $0.12 beats by $0.05; revenue rises 53.3% to $31.94 mln beats by $670,000.
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