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Tech Sector Extending Day-Long Gains; Concur Technologies Pushes to All-Time High After Q1 Results Surprise

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Technology stocks were enjoying big gains Thursday afternoon with shares of technology companies in the S&P 500 rising 1.7%.

In company news, Concur Technologies Inc. ( CNQR ) shares were up nearly 17% at $127.01 shortly before the closely bell, earlier climbing to above $130 a share to establish a record high after its Q1 per-share earnings and revenue exceeded analyst forecasts.

Non-GAAP earnings for the quarter ended Dec. 31, 2013, was $0.21 per share, topping the Capital IQ consensus by $0.09. GAAP sales reached $163.1 million, also beating the Street view by around 4.5%.

The company sees Q2 adjusted earnings of $0.14 per share, $0.02 better than analyst estimates. Its FY14 earnings are projected at least $0.93 per share, easily blowing past estimates expecting $0.69 per share.

Shares were up more than $21.50 each this afternoon to reach $130.38 for a new all-time high.

In other sector news,

(+) FB, Social networking firm climbs to new all-time high, receives a slew of price target increases after Q4 non-GAAP earnings of $0.31 per share top estimates by $0.04. Quarterly sales of $2.59 bln beat by $220 mln.

(-) CTXS, Falls to new 52-week low after Q4 revenue of $802 mln lags Street by $3 mln. EPS of $1.04 tops by $0.06 per share. Q1,FY14 outlook also trail estimates, prompting at least six analyst downgrades today.

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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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