Top Tech Stocks
Technology stocks were pacing Thursday's rally for stocks, with shares of technology companies in the S&P 500 racing to a 2.3% advance.
In company news, Jabil Circuit, Inc. ( JBL ) was higher Thursday after the printed circuitry company last night reported its fiscal Q1 financial results, including a surprise rise in revenue over year-ago levels and core earnings exceeding Wall Street expectations.
During the three months ended Nov. 30, the company recorded GAAP net income of $144.8 million, or $0.37 per share, lagging its $155.4 million profit last year, Excluding one-time items, it earned $180.6 million, or $0.55 per share, topping the Capital IQ consensus by $0.07 per share.
Revenue rose 5% over the same quarter last year to $4.55 billion, beating analyst estimates by around $210 million.
For the current quarter ending in February, JBL is projecting core earnings in a range of $135 million to $165 million, or $0.39 to $0.50 per share, trumping estimates by at least a penny. It also sees revenue growing to $4.15 billion to $4.35 billion, topping the Street view by at least $30 million.
JBL shares were up nearly 4% at $20.80 each, cooling off after a run to $21.16 a share earlier Thursday. The stock has traded within a 52-week range of $15.70 to $21.87 a share, rising nearly 25% over the past year through Wednesday's close.
In other sector news,
(+) ORCL, (+8.3%) Climbs to 14-year high after reporting Q2 EPS of $0.69, topping Capital IQ consensus by $0.01 per share. Revenue rises 3.5% to $9.6 bln, beating estimates by around $100 mln. Q3 earnings, revenue guidance straddles Street views.
(-) WIN, (-1.7%) Provides more details about planned spin-off of assets into real estate investment trust, including $600 mln to $800 mln in expected tax liabilities. WIN will own 19.9% of the REIT with remaining stock distributed among shareholders.
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