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Tech Sector Little Changed in Afternoon Trade; Applied Up 6% After Q2 Results, Q3 Outlook Top Estimates

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Technology stocks were little changed in afternoon trade with shares of technology companies in the S&P 500 rising less than 0.1%.

In company news, Applied Materials ( AMAT ) shares rose Friday after the chip-maker reported fiscal Q2 adjusted earnings and revenue matching analyst estimates and forecast Q3 results also in-line with the Wall Street consensus.

The company last night said it earned $0.28 per share, excluding non-recurring items, on a 19.3% year over year increase in revenue to $2.35 billion, with both numbers in-line with the Capital IQ consensus for the three months ended April 30.

Looking forward, AMAT is expecting adjusted EPS of $0.25 to 0.29 during Q3, straddling the $0.27 per share profit analysts, on average, are expecting. Revenue is projected to fall as much as 5% from Q2 levels - or equating to a range of between $2.24 billion to $2.35 billion compared to the $2.31 billion analyst consensus.

AMAT shares were up 5.9% in recent trade at $19.79 each, earlier climbing to an intra-day high of $20.29. The stock has a 52-week range of $14.34 to $21.16 a share, adding 39.4% in value over that span.

In other sector news,

(+) OVRL, (+24.8%) Agrees to $81.1 mln buyout offer by Sphere 3D ( SPIHF ), with OVRL shareholders receiving 0.510594 of a SPIHL share for each share they now own, an implied value of $4.43 per OVRL share - a 48% premium over its closing price Thursday.

(-) SMT, (-35.41%) Sees FY15 financial performance trailing FY14. Fiscal Q4 revenue grows 18% to $108.7 mln but lags analyst estimates by around $9.1 mln. Net loss of $0.05 per share is $0.01 smaller than the Capital IQ consensus.

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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