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Sector Update: Tech Stocks Ending Near Session Highs; Hewlett-Packard Climbs to 3-Year High After Q3 Revenue Beat

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Technology stocks were higher Thursday with shares of technology companies in the S&P 500 rising about 0.5%.

In company news, computer manufacturer Hewlett-Packard ( HPQ ) rallied to a three-year high today after late Wednesday reporting fiscal Q3 revenue that beat analyst expectations.

Revenue rose 1% year over year to $27.6 million during the three months ended July 31, topping the Capital IQ consensus by around $550 million. It earned $0.89 per share during the quarter, in-line with the consensus view.

For the current quarter ending in October, HPQ is projecting EPS in a range of $1.03 to $1.07 per share, bracketing the treet view looking for a $1.05 per share profit. It also sees FY14 earnings in a range of $3.70 to $3.74, again in-line with the $3.72 per share consensus.

HPQ shares were ahead over 5% at $37.02 apiece, earlier rising to a session high of $37.39 a share, matching its best share price since February 2011.

In other sector news,

(+) SMTC, Adjusted Q2 EPS of $0.42 tops estimates by $0.03 per share. Revenue falls 11.7% year over year to $145.7 mln, beating Street view by $3.75 mln. Sees Q3 EPS of $0.42 to $0.48, in-line with $0.46 estimate. Q3 revenue guidance also matches Street view.

(-) ECOM, Signs new lease agreement for its headquarters, agreeing to pay a minimum of $23.50 per square foot, or just over $3.21 mln annually, rising 2.75% each year. Beginning January 1, 2017, the Company also will be obligated to pay its proportionate share of the landlord's operating expenses for the building.

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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