Markets

Tech Stocks Closing Higher; Another Big Market Debut For Cloud-Based Tech Firm

Top Tech Stocks

MSFT +0.46%

AAPL +0.39%

IBM +0.42%

CSCO -1.01%

GOOG +1.48%

Technology stocks are moderately higher with shares of technology companies in the S&P 500 adding about 0.7%.

In company news, Veeva Systems Inc. ( VEEV ) is set to close with an 85% advance over its IPO price after raising $260.9 million from its initial public offering of stock.

The maker of of Web-based software for the medical industry twice raised it IPO price, finally setting on a $20 price tag for each of its $13.05 million shares offered to the public.

With today's gains, VEEV has a market capitalization of around $4.4 billion.

In other sector news,

(+) MLNK, Narrows fiscal Q4 net loss by over 63% from year-ago levels to $0.17 per share. Revenue climbs 4.6% year over year to $181 mln. No analyst estimates were avaible for comparison.

(-) OCZ, Non-GAAP Loss of $0.26 per share is $0.08 wider than expectations; Sales plunge 62% from year-ago levels to $33.5 mln, also trailing estimates by $6.64 mln. Data-storage firm also says it won't provide guidance for upcoming quarters.

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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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