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Sector Update: Tech Stocks Narrowly Higher; NVE Corp Tops Street Views With Q2 Net Income, Revenue

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Technology stocks were holding narrow gains, with shares of technology companies in the S&P 500 rising about 0.1%.

In company news, NVE Corp ( NVEC ) shares rose to some of its best levels in nearly 16 years Wednesday after the digital memory company reported fiscal Q1 earnings and revenue topping Wall Street expectations.

Net income for the three months ended June 30 rose to $4.04 million, or $0.83 per share, up 57% over its $2.57 million profit during the same quarter last year and beating analyst estimates by $0.15 per share.

Total revenue climbed 37% over year-ago levels to $8.45 million, beating the Capital IQ consensus by $750 million.

NVEC shares recently were up nearly 14% at $60.06 each, earlier climbing to an intra-day high of $60.25 a share - or just 24 cents under the stock's best price since the Internet bubble years.

In other sector news,

(+) FTNT, (+6.7%) Q2 per-share earnings of $0.11, ex items, beat Wall Street expectations by $0.01 per share. Revenue grows 24.9% over year-ago period to $184.1 mln, topping consensus view by $12.2 mln.

(-) ANGI, (-17.9%) Q2 net loss of $0.31 per share is $0.07 wider than Capital IQ consensus, Revenue climbs 33.3% year over year to $78.9 mln, trailing Street by $1.26 mln.

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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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