Markets

Sector Update: Tech Stocks Inching Higher; ViaSat Beaming After Q3 Earnings Top Street as Revenue Doubles

Top Tech Stocks

MSFT -0.29%

AAPL +0.21%

IBM +0.19%

CSCO +0.24%

GOOG -0.17%

Technology stocks were narrowly higher, with shares of technology companies in the S&P 500 only 0.1%.

In company news, ViaSat Inc. ( VSAT ) advanced Friday after the mobile and fixed broadband services provider crushed Wall Street expectations with its fiscal Q2 financial results.

Non-GAAP net income attributable to ViaSat common stockholders climbed to $0.68 per share from a $0.20 per share gain last year and beating the Capital IQ consensus by $0.52 per share.

Revenue rose 102% year over year to $358.8 million, exceeding analyst estimates by almost $21 million.

VSAT shares were ahead almost 10% at $65.62 each, easing from an earlier rise to $67.28 a share. The stock has traded in a 52-week range of $51.50 to $74.78, climbing about 2% over the past 12 months prior to Friday's advance.

In other sector news,

(+) CNET, (+5.5%) Announces initiative to take advantage of expected service-sector redevelopment projects in China's Fuijan province, increasing its local presence as added value of non-manufacturing activity reaches 1 trillion RMB in 2015.

(-) GUID, (-9.9%) Cut to Hold from Buy at Gabelli & Co.

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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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