Technology Sector Update for 04/15/2015: LLTC,OTIV,ALU,NOK
Top Tech Stocks
Technology stocks were broadly higher in late Wednesday trade with shares of technology companies in the S&P 500 advancing about 1.0%.
In company news, chipmaker Linear Technology Corp ( LLTC ) rose Wednesday rose after it beat analyst projections with its fiscal Q3 net income as revenue grew compared to previous quarter and the year-ago period.
Net income during the three months ended March 29 rose to $135.2 million, or $0.55 per share, from $126.3 million during the same quarter last year and topping the Capital IQ consensus by $0.02 per share.
Revenue climbed 6.9% from year-ago levels to $372.02 million, roughly in-line with expectations for $371.91 million in revenue.
For the current quarter, the company see revenue rising 2% to 5% over Q3 levels, equating to a range between $379.5 million to $390.6 million and straddling the $387.78 million Street view.
LLTC shares were up more than 2% at $46.40 apiece, staying within close range of their session high at $46.69 a share. The stock has traded within a 52-week range of $37.56 to $49.57 a share, slipping about 2% over the past 12 months prior to today's rise.
In other sector news,
(+) OTIV, Hires Houlihan Lokey to assist with exploring strategic alternatives, including acquisitions or dispositions of assets or its intellectual property portfolio as well as joint ventures and strategic investments..
(-) ALU, Agrees to 15.6 bln euro ($16.55 bln) merger transaction with Nokia, with ALU shareholders receiving 0.55 of a NOK share for each share they now own. NOK also fell.
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