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Technology stocks were moderately lower this afternoon, with shares of technology companies in the S&P 500 falling about 0.3%.
In company news, InterDigital Inc. ( IDCC ) shares were rising sharply Tuesday after the mobile communications equipment company revised its Q2 outlook, forecasting revenue during the current quarter in a range of $172 million to $210 million.
Analysts, on average, had been expecting the company to generate just $48.6 million in revenue during the three months ending June 30. IDCC previously was projecting between $65 million to $72 million in quarterly revenue.
According to Richard Brezski, chief financial officer, the company's expected $72 million to $80 million in Q2 recurring revenue "provides a foundation to drive strong financial performance and free cash flow for the foreseeable future."
Brezski also said the updated guidance does not include any funds from the company's arbitration award with Arima last month.
Separately, IDCC said it signed a multi-year, royalty-bearing patent license agreement with Samsung Electronics for 3G, 4G and certain future generation wireless products, resolving all intellectual property litigation between the companies.
IDCC shares were up 21.3% at $45.38 apiece in recent trade, earlier advancing to a session high of $45.69 a share. The stock has a 52-week range of $26.25 to $47.36 a share, declining about 1.3% in value over the past 12 months.
In other sector news,
(+) DMD, (+1.6%) Seeking Alpha post touts shares as "deeply undervalued," saying an algorithm change at Google ( GOOG ) last week has increased the company's ranking in its search engine results.
(-) AEIS, (-11.5%) CEO Garry Rogerson announces plans to step down as soon as a successor can be identified and hired.
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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.
