Technology stocks were narrowly lower shortly before the closing bell this afternoon with shares of technology companies in the S&P 500 sinking just over 0.1%.
In company news, Telephone & Data ( TDS ) was lower in late Friday trade after the mobile networking equipment company announced plans to acquire BendBroadband for around $261 million in cash.
According to TDS, BendBroadband is a full-service communications company, offering a wide range of broadband, fiber connectivity, cable television, and telephone services for commercial and residential customers. It generated around $70 million in annual revenue last year.
A Q3 closing is expected.
TDS shares were down 1.1% at $27.21 each heading into today's close, or less than 20 cents above its session low. The stock has a 52-week range of $21.30 to $31.52 a share.
In other sector news,
(+) CALD, Q1 revenue grows 21.2% over year-ago levels to $30.9 mln, beating estimates by around $1.46 mln. EPS of $0.03 matches Street. Raises outlook for FY145 revenue by $1.5 mln over prior forecast, staying in-line with the analyst consensus.
(-) HTCH, Adjusted Q2 net loss of $0.28 per share is $0.02 wider than Wall Street estimates. Revenue declines 0.3% from the same quarter last year to $60.7 mln, lagging consensus by around $5.04 mln.
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