Technology

Technology Sector Update for 06/23/2016: TWLO,ALRM,CACI

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MSFT +1.82%

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Technology stocks gained in afternoon trading, with shares of tech companies in the S&P 500 putting up a 0.7% advance.

In company news, messaging application company Twilio ( TWLO ) surged in its market debut Thursday after pricing its initial public offering of 10 million shares at $15 apiece, exceeding its expected range of $12 to $14 a share.

The stock opened 60% over the IPO price at $23.99 a share, slowly building on that initial advance to push past $28 to a first day high of $28.08 and an 87% gain. The stock was only a penny under that level just ahead of the closing bell.

In other sector news,

(+) ALRM, Announces plans to purchase two business units from Icontrol Networks for $140 mln. Expects deal to close by Dec. 31 and add to both revenue and adjusted EPS growth in FY17.

(-) CACI, Sees FY17 EPS of $6.02 to $6.43, trailing analyst mean by at least $0.13 per share. Projected revenue of $4.05 bln to $4.25 bln also lags Street view by at least $150 mln.

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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