Markets

Sector Update: Tech

Technology stocks were rising Friday with shares of technology companies in the S&P 500 ahead almost 1.0%.

In company news, Xilinx Inc. ( XLNX ) is finishing with solid gains Thursday after posting fiscal Q2 earnings that beat both year-ago and analyst comparisons, prompting an analyst upgrade today.

The company earned $0.62 per share during the quarter, beating the Street view by $0.07 per share. Revenue rose 0.9% year over year to $604.3 million, also exceeding analyst opinion by around $2.3 million.

Following the better-than-expected results, Wells Fargo raised its call for XLNX shares to Outperform from Market Perform.

XLNX shares were up almost 7% in late trade at $41.11 each, earlier rising to a session high of $42.69 a share. The stock has declined 15% over the past 12 months heading into today's session.

In other sector news,

(+) QLGC, Non-GAAP per-share earnings of $0.25 exceed Street view by $0.03 per share. Revenue grows 13.2% over year-ago levels to $127.5 mln, topping estimates by around $3.11 mln. Begins $100 million stock-buyback program.

(-) SNDK, Sees Q4 revenue trailing analyst estimates by at least $30 mln. Q3 adjusted EPS of $1.45 tops estimates by $0.09 per share.

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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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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