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Technology Sector Update for 11/17/2015: EPAM,NUAN,SUNE

Top Tech Stocks

MSFT -1.16%

AAPL -0.09%

IBM +0.08%

CSCO +0.77%

GOOG -0.14%

Technology stocks were slipping from their earlier highs, with shares of tech companies in the S&P 500 advancing about 0.25%.

In company news, shares of EPAM Systems ( EPAM ) was higher in recent Tuesday trading the software development and test automation company late yesterday announced its purchase of Alliance Global Services, also raising its FY15 guidance to reflect the additional contributions of its acquired rival.

Without disclosing financial details of the acquisition, EPAM Systems said the deal will extend its global delivery platform, particularly in North America and India, as well as expanding its software engineering productivity and automation services. The company today also nudged its expected per-share earnings by $0.01 over its prior forecast to at least $2.66 per share and raised its revenue outlook by $5 million to $905 million.

Analysts, on average, are expecting EPAM Systems to earn $2.58 per share during the 12 months ending Dec. 31 on $903.6 million in revenue.

APAM shares were up almost 3% at $73.89 apiece, backing down from its $74.61-a-share session high just before mid-day.

In other sector news,

(+) NUAN, (+17.4%) Fiscal Q4 net income of $0.41 per share tops analyst call expecting $0.35 per share profit. Revenue edges 0.35% higher to $504.1 mln, narrowly missing $507.8 consensus.

(-) SUNE, (-25.0%) Third Point Capital liquidates entire 12.4 mln-share stake during Q3 while Greenlight Capital trims stake by roughly 25% to 18.2 mln shares.

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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