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Sector Update: Tech Stocks Give Back Earlier Gains; Aruba Networks Climbs After Beating Street Views with Q4 Results

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Technology stocks turned lower late Wednesday with shares of technology companies in the S&P 500 slipping about 0.1%.

In company news, Aruba Networks ( ARUN ) was holding on strong gains late Wednesday, with shares rising 5% to $21.24 apiece after the networking equipment manufacturer reported beat Wall Street estimates with its fiscal Q4 earnings and revenue.

Revenue was $202.9 million, topping the analyst consensus of $194.7 million. EPS of $0.24 was a penny higher than the Street view.

For FY15, the company raised its outlook for non-GAAP operating margin target to 21% to 22%.

Also, ARUN shares were raised to Buy in an upgrade today at UBS.

In other sector news,

(+) TUBE, Climbs to fresh record high after Q2 EPS of $0.01 reverses year-ago net loss. Revenue rises 127% year over year to $28.7 mln, beating the consensus view by at least $4 mln. Expected Q3 revenue outlook tops Street estimates by at least $1.1 mln.

(-) DAEG, Q1 revenue slips 16.3% year over year to $6.7 million as the strategic transformation of its business takes shape. Non-GAAP Q1 earnings were $0.01 per share, up from a break-even quarter last year. Analyst estimates were not available for comparison.

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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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