Sector Update: Tech
Technology stocks were mostly lower,with shares of technology companies in the S&P 500 in a 1.1% skid.
In company news, Exar Corp ( EXAR ) was advancing Thursday after the chip-maker said it sees its fiscal Q2 revenue coming in at or above the high end of its guidance range expecting between $40 million to $43 million in quarterly revenue, exceeding analyst estimates for the period by at least $1.32 million.
The company is scheduled to report its Q2 financial results on Nov. 5.
CEO Louis DiNardo attributed the positive outlook for the quarter to a faster-than-expected integration of Integrated Memory Logic Ltd. and a workforce restructuring prior to the deal closing earlier this month.
"Coupled with a revaluation of certain fixed and intangible assets we expect annualized savings of approximately $6.5 million," DiNardo said in prepared remarks. "These savings will positively impact our manufacturing overhead, general and administrative costs as well as research and development expenses."
EXAR shares were up more than 6% at $9.11 apiece in recent trade, earlier climbing to a session high of $9.46 a share. The stock has traded within a 52-week range of $8.26 to $13.74 a share, slipping nearly 36% over the past year prior to Thursday's gains.
In other sector news,
(+) EMAN, (+15.2%) Wins three new R&D contracts totaling $6.8 mln, including a $1.1 mln contract to further enhance its ultra-high-brightness microdisplay products.
(-) EOPN, (-29.9%) Projects Q3 non-GAAP net loss of $0.17 to $0.20 per share, or at least $0.03 wider than consensus view. Sees revenue in range of $20.1 mln to $20.9 mln, lagging Street by at least $600,000. Guides FY15 EPS, revenue below consensus.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.