Technology Sector Update for 10/06/2015: RKUS,CYBX,PMCS,RDWR
Top Tech Stocks
Technology stocks turned higher Tuesday afternoon, with shares of technology companies in the S&P 500 recently climbing about 0.1%.
In company news, Ruckus Wireless ( RKUS ) shares were higher in afternoon trade after the Wi-Fi services company was selected to replace medical device manufacturer Cyberonics ( CYBX ) in the S&P SmallCap 600 index after the close of trading Wednesday, Oct. 7.
Cyberonics is expected to soon close on its purchase of Sorin SpA and Standard & Poor's said the market capitalization of the combined companies - which is changing its name to LivaNova - is more representative of its mid-cap index.
RKUS shares were up almost 2% at $12.75 each, earlier topping out at $13.04 a share.
CYBX shares were narrowly higher at $62.76 apiece, rising about 0.4%.
In other sector news,
(+) PMCS, (+33.4%) Agrees to $2 bln buyout offer from SkyWorks (SKWK), which will pay $10.50 for each PMCS share, a 36.5% premium over Monday's closing price for the stock.
(-) RDWR, (-19.2%) Sees Q3 revenue coming in around $48 million, down from its prior forecast expecting between $57 million to $59 million and trailing the $58 million Capital IQ consensus. More than halves EPS guidance to $0.10 from previous range expecting $0.23 to $0.24 per share, also missing $0.24 per share consensus.
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