Markets

Sector Update: Technology

Technology stocks were rising this afternoon, with shares of technology companies in the S&P 500 advancing about 0.4%.

In company news, Arista Networks ( ANET ) is up sharply in its debut as a public company Friday, with shares of the networking equipment-maker rising as much as 40% after it priced its initial public offering of stock well above its expected range.

The company earlier priced its IPO of 5.25 million shares at $43 apiece, breezing past its expected price range of $36 to $40 per share and generating $225.75 million in gross proceeds. ANET also issued 30-day options to underwriters to buy up to 787,500 additional shares to cover possible overallotments.

Net income at the company nearly doubled last year, rising 99% over 2012 levels to $42.5 million. Revenue grew 87% year over year to $361 million.

ANET shares recently were ahead nearly 34% at $55.50 each, earlier climbing to a session high of $60.00 a share.

In other sector news,

(+) CMTL, (+16.4%) Q3 EPS of $0.32 tops estimates by $0.13 per share. Revenue climbs 27.3% to $88.91 mln, beating consensus view by $10.26 mln. Raises FY14 EPS forecast by $0.11 to new range of $1.25 to $1.30, topping Street by at least $0.05 per share.

(-) RALY, (-28.4%) Q1 revenue rises 21.2% year over year to $19.4 mln, missing analyst estimates by $200,000, although $0.27 per share net loss beats by $0.23. FY15 revenue forecast of $87 mln to $90 mln lags Street view by at least $2.28 mln.

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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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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