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Tech Stocks Higher Near Closing Bell; Verint Systems Hits Record High Following Q1 Results

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Technology stocks were set to finish higher this afternoon with shares of technology companies in the S&P 500 climbing about 0.6% as a group.

In company news, Verint Systems Inc. ( VRNT ) rallied to an all-time high Thursday, with shares of the enterprise software firm rising after it reported per-share earnings and revenue during the three months ended April 30 that beat analyst expectations as well as raising its FY15 outlook.

VRNT shares were up more than 10% at $51.40 each heading in Thursday's close, earlier climbing to a best-ever $53.19 a share. Over the past year, the stock has gained 51.4%.

The company reported Q1 non-GAAP earnings of $0.72 per share, topping the Capital IQ consensus by $0.17 per share. Revenue rose 25.3% over year-ago levels to $257.4 million, beating the Street view by $2.53 million.

VRNT also raised its earnings forecast for the 12 ending next January by $0.10 per share to a new range of $3.30 to $3.50 per share, excluding non-recurring items, along with boosting its revenue outlook by around $30 million in a range of $1.11 billion to $1.16 billion.

Analysts, on average, are looking for VRNT to turn in a $3.30 per share profit on $1.11 billion in revenue during its FY15.

In other sector news,

(+) CIEN, Q2 adjusted EPS of $0.17 beats consensus by $0.04 per share. Revenue rises 10.3% to $560.1 mln, topping estimates by $920,000. Forecasts Q3 revenue in a range of $585 mln to $615 mln compared with $585.04 mln Street view.

(-) TSL, Announces plans to sell 8.8 mln of its American depository shares, with each ADS equal to 50 shares of its common stock. Also planning a $150 mln offering of convertible senior notes due 2019.

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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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