Technology

Technology Sector Update for 02/21/2017: LMOS,TROX,DAKT

Top Tech Stocks

MSFT -0.06%

AAPL +0.50%

IBM -0.24%

CSCO +0.82%

GOOG +0.27%

Technology stocks were trending higher today, with shares of tech companies in the S&P 500 increasing almost 0.4%.

In company news, Lumos Networks Corp ( LMOS ) rallied to a two-year high on Tuesday after the bandwidth infrastructure company today agreed to a $950 million buyout offer from European alternative investors, EQT Infrastructure.

Under terms of the proposed transaction EQT Instructure will pay $18 in cash for each Lumos share, an 18.2% premium over Friday's closing price. EQT also promised to further develop the target company's business. Lumos currently operates a 9,000-mile fiber optic network throughout six states and also runs five colocation facilities in Virginia plus another three in West Virginia and one in Pennsylvania.

LMOS shares were up almost 16% at $17.66 apiece following a prior run to their best price since February 2015 at $17.75 a share.

In other sector news,

(+) TROX, (+35.2%) Acquires TiO2 business from privately held Cristal for $1.67 bln in cash and a 24% equity stake in combined companies. Also, non-GAAP Q4 net loss of $0.14 per share beats single-analyst estimate by $0.08. Revenue rises 2.4% to $548 mln, topping $503.09 mln lone-analyst call.

(-) DAKT, (-8.9%) Fiscal Q3 net loss of $0.12 per share is $0.10 wider than Street view. Revenue slips 6.5% from last year to $115.7 mln, also lagging the $126.07 mln Capital IQ consensus.

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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