Technology

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

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

In company news, American depository shares of Logitech International SA ( LOGI ) climbed to their best level in more than nine years Wednesday after the computer keyboard, mouse and other digital devices topped analyst expectations with its fiscal Q3 financial results and raised its forecast for the rest of FY17.

Excluding one-time items, the company earned $0.56 per share, improving on $0.41 per share during the prior-year period and exceeding the Capital IQ consensus by $0.12 per share. Net sales rose 7.3% over the same quarter last year to $666.7 million, also beating the $642.3 million Street call.

For the three months ending in March, Logitech is projecting sales growth in a range of 12% to 13%, up from its prior guidance expecting 8% to 10% sales growth during Q4. It also increased its forecast for non-GAAP operating income to $225 million to $230 million from its original call expecting between $195 million to $205 million.

LOGI ADS still were up more than 13% in late trade at $29.06 after earlier climbing to their best price since January 2008 at $29.90 a share.

In other sector news,

(+) STX, 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 but still edges out the $2.83 bln consensus.

(-) CBR, 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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