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Technology Sector Update for 02/02/2016: IDTI,GOOG,GOOGL,PXLW

Top Tech Stocks

MSFT -2.39%

AAPL -1.34%

IBM -1.40%

CSCO -2.56%

GOOG +3.17%

Technology stocks were falling Tuesday, with shares of tech companies in the S&P 500 dropping about 1.2% in afternoon trading.

In company news, Integrated Device Technology ( IDTI ) slumped Tuesday despite the chipmaker reporting improved fiscal Q3 net income compared with the same quarter last year and revenue that exceeded Wall Street expectations, driven by strong demand for its networking infrastructure equipment.

Excluding one-time items, Integrated Device earned $0.35 per share during the three months ended Dec. 31, up from a $0.25 per share adjusted profit last year and matching the Capital IQ consensus. Revenue also rose 17.5% over year-ago levels to $177.6 million, the company's ninth consecutive quarter of year-over-year growth and beating the Street view by around $2.6 million.

IDTI shares were down over 27% at $18.53 apiece, or staying just above a session low of $18.28 a share.

In other sector news,

(+) GOOG, (+2.9%) Q4 profit of $8.67 per share beats by $0.58 per share. Revenue climbs 18.5% over last year to $21.33 bln, also exceeding the $20.76 bln consensus. At least eight analysts raised their GOOG price targets, including a $1 increase to $1,001 a share at Axiom Capital.

(-) PXLW, (-35.1%) Projected Q4 net loss of $0.11 per share is $0.02 per share wider than analyst consensus. Also expects revenue to fall 10.6% from last year to $13.5 mln, trailing Street view by around $490,000. Bruce Walicek resigns as CEO, citing personal reasons.

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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