Technology

Technology Sector Update for 02/26/2016: CCOI, TWOU, OLED, PVTB

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MSFT -1.43%

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CSCO -0.47%

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Technology stocks were slightly lower, with shares of tech companies in the S&P 500 dropping about 0.2%.

In company news, Cogent Communications Holdings Inc. ( CCOI ) rose to a nearly 14-year high on Friday after the networking equipment company was named to the S&P Smallcap 600 index, upstaging the company's on Thursday morning missing analyst estimates with its Q4 earnings.

Cogent will replace PrivateBancorp in the S&P SmallCap 600 after the close of trading on Monday, Feb. 29. S&P, replacing PrivateBancorp ( PVTB ), which is moving up to S&P Midcap 400 index.

Additionally, its price target boosted to $40 from $38 a share by RBC Capital Markets while the firm maintained its outperform rating on the stock.

CCOI shares were up nearly 6% at $36.98 apiece, earlier climbing to its best price since April 2002 at $37.39 a share.

In other sector news,

(+) TWOU, Q4 non-GAAP EPS of $0.00 is $0.03 per share smaller than consensus. Revenue rises 40.6% to $43.3 mln, beating Street view by $1.29 mln. Expects Q1 net loss at least $0.02 smaller than estimates.

(-) OLED, Q4 EPS of $0.39 per share misses by $0.13 per share while revenue climbs 10.9% from last year to $62.3 mln, missing the $71.59 mln consensus. FY16 revenue forecast comes up at least $16.52 short of Street view.

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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