Top Tech Stocks
Technology stocks were broadly higher today, with shares of tech companies in the S&P 500 rising nearly 1.4%.
In company news, Akamai Technologies Inc ( AKAM ) rallied Wednesday following an upgrade today of the online content distributor to Buy from Hold at Craig Hallum after it breezed past Wall Street expectations with its Q4 financial results.
The company last night said it earned $0.72 per share on $579.16 million in revenue, topping a $0.10 per share profit and $536 million in revenue during the same quarter last year. Analysts, on average, were expecting Akamai to post a $0.10 per share.
The company's stock also is being helped along today by its plans to repurchase up to $1 billion of its shares and CEO Tom Leighton last night also saying he will buy an additional $10 million of Akamai stock over the next six months.
Following the upbeat results, the stock also received a Neutral call at Credit Suisse while FBR Capital cut its price target for the stock by $7 to $42, maintaining its Underperform rating.
AKAM shares were up nearly 22% to $48.13 each on Wednesday following an earlier run to $49.28 a share.
In other sector news,
(+) LLNW, (+44.4%) Reports adjusted Q4 net loss of $0.04 per share, narrowing a $0.05 per share loss from last year and beating the Capital IQ consensus expecting a $0.05 per share loss. Revenues falls 2.1% from year-ago levels to $1.38 bln, narrowly missing the $1.4 bln Capital IQ consensus.
(-) SCTY, (-25.4%) Forecasts $2.55 to $2.65 per share Q1 net loss, or at least $0.19 per share wider than consensus view. Weak guidance upstages 60.8% year-over-year Q4 revenue growth to $115.5 mln, topping estimates by $9.8 mln.
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