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Technology Sector Update for 04/02/2015: KRNT,TCPI,ELTK

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Technology stocks were slightly higher this afternoon with shares of technology companies in the S&P 500 rising less than 0.1%.

In company news, Kornit Digital ( KRNT ) rallied in its market debut Thursday after the Isreali digital printing company today priced its initial public offering of 7.1 million shares at $10.00 each, a 33% drop from its expected IPO price.

The company also issued 30-day options to underwriters to buy up to 1.065 million additional shares to cover possible overallotments, which if fully exercised, would boost the IPO proceeds to $81.65 million.

Net proceeds from the offering will be used for general corporate purposes, according to the deal's final prospectus.

KRNT shares opened today at $12 each and climbed as high as $14.67 each before easing into their recent range around $14.08 a share, up nearly 41%.

In other sector news,

(+) TCPI, (+23.5%) Expects to file 10-K annual report for the 12 months ended Dec. 31 on or before April 15. Also said product validation review was nearly complete, adding all of its products have been UL certified.

(-) ELTK, (-%) Narrows Q4 net loss to $1.8 million, or $0.18 per share, from $2.8 million during year-ago period. Revenue slips 16.5% to $10.6 million. No analyst estimates were available for comparison.

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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