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Technology Sector Update for 10/22/2015: PFPT,OCLR,BHE

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MSFT +3.17%

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CSCO +2.86%

GOOG +1.37%

Technology stocks were sharply higher this afternoon, with shares of technology companies in the S&P 500 jumping almost 2.3%.

In company news, Proofpoint ( PFPT ) rose Thursday after the data-management software firm reported a smaller adjusted Q3 net loss than Wall Street had expected, also posting revenue during the quarter that exceeded Wall Street projections as well as forecasting above-consensus revenue during the current quarter.

Excluding one-time items, the company lost $0.06 per share during the three months ended Sept. 30, or $0.05 per share better than the Capital IQ consensus looking for an $0.11 per share adjusted net loss. Revenue rose 37.4% over year-ago levels to $69.2 million, beating the Street view of $66 million.

For the current period ending in December, ProofPoint is projecting between $72.5 million to $73.5 million in revenue, topping the consensus call by at least $2.1 million.

PFPT shares were nearly 12% at $61.81 apiece, earlier climbing to a session high of $65.63 a share.

In other sector news,

(+) OCLR, (+17.9%) Projects fiscal Q1 revenue of around $87.5 mln, beating Street view by $2 mln.

(-) BHE, (-7.0%) Q3 revenue falls 13.8% from last year to $630.2 mln, trailing the $650.1 mln consensus. Projected Q4 earnings of $0.39 to $0.45 come up at least $0.02 per share under Capital IQ consensus; revenue forecast also lags.

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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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