Technology

Technology Sector Update for 05/10/2016: MKTO,MXL,AVGO,SCTY

Top Tech Stocks

MSFT +1.72%

AAPL +0.50%

IBM +1.57%

CSCO +1.90%

GOOG +1.31%

Technology stocks were broadly higher in late Tuesday trading, with shares of tech companies in the S&P 500 rising over 1.1%.

In company news, Marketo ( MKTO ) rallied Tuesday after the marketing software producer is said to be working with Morgan Stanley about a possible sale.

No deal is imminent and the discussions with potential buyers may not result in a transaction, people with knowledge of the matter told Bloomberg. The sources asked not to be identified because the talks are private. Representatives for Marketo and Morgan Stanley declined to comment when contacted by the news service.

MKTO shares were ahead about 17% at $25.12 apiece shortly before the closing bell, earlier climbing to a session high of $25.40 a share.

In other sector news,

(+) MXL, Acquires wireless infrastructure backhaul business from Broadcom ( AVGO ) for $80 mln in cash. Q1 EPS of $0.47 on $102.7 mln in revenue tops Street estimates by $0.01 per share and $500,000, respectively.

(-) SCTY, Adjusted Q1 net loss of $2.56 per share is $0.19 wider than Capital IQ consensus. Revenue rises 81.6% to $122.6 mln, also beating Street view by $12.6 mln. Projected Q2 earnings, revenue both trail analyst estimates.

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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