Technology

Technology Sector Update for 05/25/2016: NMBL,CSC,HPE,VSAT

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MSFT +1.44%

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CSCO +1.69%

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Technology stocks were rising again on Wednesday, with shares of tech companies in the S&P 500 posting a 0.6% increase.

In company news, Nimble Storage Inc. ( NMBL ) rallied Wednesday after the data storage company reported a smaller-than-expected Q1 net loss and forecast revenue for the current quarter topping analyst projections.

Excluding one-time items, the company recorded a $0.24 per share net loss during the three months ended April 30, expanding on a $0.10 loss during the same quarter last year but coming in $0.02 per share narrower than the Capital IQ consensus looking for a $0.26 per share net loss. Revenue rose 21.2% to $86.4 million, roughly in-line with the $84.6 million Street view.

For the current quarter, Nimble Storage is expecting an adjusted net loss between $0.19 to $0.21 per share, bridging the $0.20 per share consensus. It also sees revenue in a range of $93 million to $96 million, topping the analyst consensus by at least $250,000.

NMBL shares were up almost 26% in recent trade at $9.23 each, staying within close range of its $9.33 a share session high.

In other sector news,

(+) CSC, (+36.4%) Announces plans to merge with Hewlett-Packard Enterprise's ( HPE ) services unit following spin-off. Upgrade to Overweight at Barclays, which also increases price target by $19 to $54 a share. Raymond James cuts its rating to Market Perform.

(-) VSAT, (-2.9%) Reports Q4 EPS of $0.29 trails Street view by $0.08 per share. Revenue climbs 2.0% over last year to $372 mln, edging out the $369.65 mln consensus.

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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