Technology

Technology Sector Update for 05/16/2017: AUDC,XGTI,VRTU

Top Tech Stocks

MSFT +1.40%

AAPL -0.18%

IBM +1.50%

CSCO +0.09%

GOOG +0.24%

Technology stocks outpaced other industry sectors to the upside today, with shares of tech companies in the S&P 500 recording a 0.4% gain this afternoon.

In company news, AudioCodes Ltd ( AUDC ) rose Tuesday afternoon, adding almost 5% to top out today at $6.84 a share after the Israeli internet communications company today said it has received court approval to continue with its stock buyback program, gaining permission to repurchase up to $15 million of its ordinary shares through Nov. 15.

During the company's most recent reporting period ended March 31, AudioCodes acquired slightly more than 1.1 million of its shares, paying around $7.3 million during the first three months of 2016. Overall, it has reacquired 13.1 million shares since August 2014 at a cost of about $61.5 million.

In other sector news,

(+) XGTI, Reverses a $21.42 per share net loss during the first three months of 2016, earning $0.87 per share during the three months ended March 31. Also reports nearly 10-fold increase in revenue over year-ago levels to $9.3 mln.

(-) VRTU, Adjusted Q4 EPS of $0.42 trails Capital IQ consensus by $0.02 per share. Revenue rises 31.5% to $226 mln, largely in-line with $226.67 mln analyst mean. Projected FY18 EPS of $1.42 to $1.68 lags Street view by at least $0.22 per share. Q1 EPS guidance also misses.

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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