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.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
