Sector Update: Technology
Technology stocks were slightly higher in afternoon trading with shares of technology companies in the S&P 500 gaining about 0.2% as a group.
In company news, Shares of Computer Sciences Corp. ( CSC ) soared to a 13-year high Friday as the information technology company's latest results topped Wall Street's expectations and it boosted its full-year earnings forecast.
Late Thursday, CSC reported fiscal third-quarter earnings from continuing operations of 98 cents per share on revenue of $3.23 billion. Analysts polled by FactSet predicted earnings of 84 cents per share on revenue of $3.22 billion.
The company also raised its FY14 earnings guidance by $0.30 to a new-range of $3.80 to $3.90 per share. The Street is looking for a $3.69 per share gain.
The stock was up 9.4% at $60.34 a share heading into tonight's close. Shares earlier climbed to $61.79 for their best price since early February 2001.
In other sector news,
(+) ZNGA, Forecasts FY14 profitability and announces cost-reduction plan expected to save up to $35 mln yearly, excluding restructuring costs. Acquires privately-held NaturalMotion for $391 mln in stock; deal seen immediately adding to earnings. Q4 net loss of $0.03 per share beats by $0.01. Revenue also tops estimates.
(-) AMZN, Q4 EPS of $0.51 per share miss by $0.18. Revenue rose 20.3% year over year to $25.59 bln, trailing consensus view by $490 mln. Projects operating income in Q1 ranging between $200 mln loss to $200 mln gain, lagging Street view by at least $180 mln. Sees revenue of $18.2 bln to $19.9 bln, in-line with estimates.
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