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Technology Sector Update for 10/23/2015: GIMO,NTGR,FTNT

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Technology stocks were sharply higher today, with shares of technology companies in the S&P 500 streaking to a 2.4% advance.

In company news, shares of Gigamon Inc. ( GIMO ) were surging Friday after the newtworking services company last night reported Q3 financial results breezing past analyst estimates.

Gigamon earned $0.22 per share during the three months ended Sept. 30, topping Wall Street expections by $0.05 per share. Revenue also rose 44.3% from last year to $56.65 million, exceeding the Capital IQ consensus by around $1.8 million. Q3 non-GAAP gross margin was 81% compared to 78% during the year-ago period.

GIMO shares were up more than 21% at $27.11 apiece, earlier climbing over 27% to a session high of $28.50 a share.

In other sector news,

(+) NTGR, (+29.1%) Q3 EPS of $0.67 per share beats by $0.16 per share. Revenues fall 3.2% year over year to $341.9 million but still beat $322.14 million consensus.

(-) FTNT, (-20.9%) Earns $0.14 per share during Q3, topping Capital IQ consensus by $0.02 per share. Revenue climbs 34.6% to $260.1 million, edging out $258.5 million consensus.

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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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