Technology

Technology Sector Update for 10/31/2016: BRCD,AVGO,OHGI,BSFT

Top Tech Stocks

MSFT +0.35%

AAPL -0.12%

IBM +0.70%

CSCO +0.39%

GOOG -1.23%

Technology stocks were edging higher in Monday trade, with shares of tech companies in the S&P 500 increasing around 0.1%.

In company news, Brocade Communications Systems ( BRCD ) rallied this afternoon following reports the networking equipment company is in advanced talks to sell itself, Bloomberg was reporting Monday.

A deal could be announced as soon as this week, according to the report, with chipmaker Broadcom ( AVGO ) identified as a potential suitor.

BRCD shares were up more than 22% at $10.62 apiece this afternoon, earlier climbing to a session high of $10.88 a share - stopping just 4 cents shy of their 52-week high.

In other sector news,

(+) OHGI, Aishuo business-to-consumer mobile telco VoIP service in China surpasses 43 mln subscriber downloads while revenue continues to grow sequentially since February 2015 launch.

(-) BSFT, Non-GAAP Q3 EPS of $0.52 beats Street view by $0.15 per share. Revenue climbs 21.7% to $84.1 mln, topping $81.27 mln consensus. Q4 forecast expecting non-GAAP EPS of $0.65 to 0.83 on $94 mln to $102 mln in revenue matches analyst mean expecting $0.82 per share on $101.11 mln in revenue.

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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