Markets

Technology Sector Update for 07/16/2015: VLTC,STV,QTM

Top Tech Stocks

MSFT +1.90%

AAPL +1.29%

IBM +1.35%

CSCO +1.00%

GOOG +2.49%

Technology stocks were finishing near their session highs today, with shares of technology companies in the S&P 500 jumping nearly 1.2%.

In company news, Voltari Corp ( VLTC ) rallied Thursday, with the digital marketing and advertising platform receiving a big boost when billionaire investor Carl Icahn reportedly offered up more positive commentary about the company and the recent gains in its share price.

Icahn owns a 52.3% Voltari stake with 4.73 million shares, according to a March 31 regulatory filing. He bought slightly more than 4 million of those shares just prior to his disclosure at an average of $1.36 a share - meaning he already was up more than $17.6 million on his $5.4 million investment this Spring through yesterday's close.

During an interview with the Benzinga website last night at CNBC's "Delivering Alpha" conference, Icahn said he's still long on the stock. He was somewhat at a loss, however, when asked what might have contributed to Voltari's 10% advance earlier this week, saying he didn't know of a reason for Monday's big gain.

VLTC shares were up almost 40% at $8.06 each in late trade, easing from an earlier run to $9.00 a share. The stock has traded within a 52-week range of 63 cents to $21.75 a share, already rising more than 205% over the past 12 months through yesterday's close.

In other sector news,

(+) STV, Chinese Ministry of Commerce tentatively approves asset restructuring plan with Shanghai Tongda Venture Capital, allowing company to use 25% equity stake in Beijing SuperTV to subscribe to Tongda stock offering.

(-) QTM, Warns of poor Q1 results, blaming "challenging" storage market. Sees $11 mln GAAP net loss, trailing Street view expecting $0.01 per share profit. Projects 13.2% revenue decline to $111 mln, missing $128.4 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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