Markets

Sector Update: Tech

Technology stocks were mostly higher, with shares of technology companies in the S&P 500 advancing more than 0.5%.

In company news, shares of Diodes Inc ( DIOD ) declined Wednesday, giving in to broader weakness among chip-makers despite the company's last night raising its forecast for Q3 gross profit margin and boosting the bottom end of its guidance range for revenue during the quarter.

The company increased its gross profit margin outlook to a range of 1% either side of 32.0%, up from its prior guidance setting the mid-point at 31.8%, plus or minus 2%.

It also bumped the bottom of its forecast range for revenue during the three months ending later this month by $2 million from its original expectations to a new bottom of $230 million while keeping the top at $238 million. Analysts, on average, are looking for around $234.44 million.

The new Q3 revenue projections anticipate growth of between 3% to 6% over Q2 levels.

DIOD shares recently were down about 3.5% at $24.84 each, earlier falling to a session low of $24.61 a share. The stock has traded within a 52-week range of $19.26 to $30.79 a share, losing less than 1% in value over the past 12 months prior to Wednesday's losses.

In other sector news,

(+) OTIV, (+23.2%) Rallies to new, 52-week high after saying it has been working with banks and mobile network operators to enable its WAVE and NFC insert mobile devices to work with Apple's ( AAPL ) iPhone 4,4s, 5, 5s, and iPad devices.

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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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