Markets

Technology Sector Update for 05/14/2015: CSCO,CYRN,CAMT

Top Tech Stocks

MSFT +2.19%

AAPL +2.29%

IBM +0.91%

CSCO -0.97%

GOOG +1.54%

Technology stocks were broadly higher today with shares of technology companies in the S&P 500 recording a 1.5% gain.

In company news, Cisco ( CSCO ) shares turned lower this afternoon, giving back early gains that followed the networking equipment manufacturer last night reporting fiscal Q3 earnings and revenue beating Wall Street expectations.

The company reported adjusted earnings of $0.54 per share, beating the Capital IQ consensus by a penny. Revenue rose 5.1% over year-ago levels to $12.14 billion, also topping analyst estimates by around $80 million. The company also projected revenue growth during the current quarter of 1% to 3% and Q4 adjusted earnings both in-line with the Street views.

CSCO shares were down slightly more than 1% this afternoon at $29.02 each, just 5 cents above its session low and well under its $29.66 a share high for today. The stock has traded within a 52-week range of $22.49 to $30.31 a share, climbing 20% over the past year prior to today's retreat.

In other sector news,

(+) CYRN, Inks deal with Dell that adds the company's anti-malware technology to Dell's SonicWALL Email Security appliances, software, virtual appliances and hosted services.

(-) CAMT, Prices $12.25 mln offering of 4.3 mln ordinary shares at $2.85 apiece, a 15.6% discount to Wednesday's closing price.

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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