Technology

Technology Sector Update for 01/25/2017: CREE,STX,CBR

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MSFT +0.44%

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Technology stocks were broadly higher Wednesday, with shares of tech companies in the S&P 500 increasing nearly 0.8%.

In company news, Cree Inc ( CREE ) shares surged earlier Wednesday after the light emitting diode company reported fiscal Q2 financial results blowing past Wall Street expectations.

Excluding one-time items during the three months ended Dec. 31, the company earned $0.20 per share, topping the Capital IQ consensus by $0.07 per share. Revenue slid 11.9% from the year-ago period to $347 million but still exceeded the $325.09 million analyst mean.

For the current quarter, Cree is projecting adjusted per-share earnings in a range of $0.01 to $0.09, straddling the consensus view expecting $0.08 per share. It also sees revenue coming in between $285 million to $315 million, roughly in-line with the $315.25 million Street view.

CREE shares were up about 7.4% at $29.45 apiece, well under their mid-morning session high of $31.64 a share.

In other sector news,

(+) STX, (+17.6%) Fiscal Q2 EPS of $1.32 tops Street view by $0.24 per share. Revenue falls 3.1% from same quarter last year to $2.89 bln, edging out the $2.83 bln consensus.

(-) CBR, (-11.4%) Dropped from the S&P Smallcap 600 index, effective after the close of trading on Feb. 2.

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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