Technology Sector Update for 04/15/2015: RSYS,OTIV,ALU,NOK
Top Tech Stocks
Technology stocks were broadly higher, with shares of technology companies in the S&P 500 advancing almost 0.7%.
In company news, RadiSys Corp ( RSYS ) advanced Wednesday after the wireless infrastructure company reported preliminary Q1 results beating Wall Street expectations.
The company last night said it now expects to report a non-GAAP profit for the three months ended March 30 of $0.03 per share, up $0.02 over the mid-point of its prior guidance and also exceeding the Capital IQ consensus by $0.02 per share.
It also sees revenue climbing more than 10% over year-ago levels to $48.7 million, topping analyst estimates by around $700,000.
GAAP net loss during the quarter is projected in a range of $0.18 to $0.22 per share, with the company blaming non-cash charges associated with amortizing acquired assets and cash restructuring charges for much of the loss along with stock-based compensation.
RSYS shares were up almost 6% at $2.09 each, staying within relatively close range of its session high of $2.18 a share. The stock has traded within a 52-week range of $1.79 to $3.67 a share, falling nearly 1% over the past 12 months prior to Wednesday's price gain.
In other sector news,
(+) OTIV, (+3.9%) 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, (-18.9%) 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 was down 3%.
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