Technology

Technology Sector Update for 07/27/2017: NTGR, SHOR, PCMI, MITL

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MSFT -1.96%

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IBM -0.36%

CSCO -1.17%

GOOG -1.97%

Technology stocks have turned solidly lower this afternoon, with shares of tech companies in the S&P 500 Thursday reversing a narrow gain to more recently trade almost 0.8% lower.

In company news, Netgear ( NTGR ) streaked to large gains on Thursday, adding nearly 18% in value to top out at $51.90 a share, after the networking equipment manufacturer reported Q2 net income and revenue exceeding analyst projections.

Net income for the three month ended July 2 fell to $0.60 per share from $0.72 per share during the same quarter last year and beating the analyst mean compiled by Capital IQ by $0.06 per share.

Fiscal Q2 revenue increased 6.1% over year-ago levels to $330.7 million, also surpassing the $324.64 million analyst consensus.

For the current quarter, Netgear sees Q3 revenue in a range of $340 million to $355 million, straddling the $348.7 million Street view.

In other sector news,

(+) SHOR, (+27.4%) Agrees to be acquired by Mitel Networks ( MITL ), which will pay $7.50 in cash for each Shoretel share, a 28% premium to Wednesday's closing price. The transaction should close by the end of September.

(-) PCMI, (-27.1%) Non-GAAP Q2 EPS of $0.47 tops two-analyst estimate by $0.01 per share but revenue falls 3.6% to $560.11 mln, missing the $595.74 mln mean. Guides Q3, FY17 adjusted profit under the two-analyst call.

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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