Updated from 11:29 a.m. EDT
Tech stocks were moving to the upside Thursday as investors evaluated a slew of earnings news.
jumped 17.2% after the network equipment company posted better-than-expected second-quarter results. The company earned $13 million, or 14 cents a share, on revenue of $193.5 million. Excluding items, the company earned $24.1 million, or 26 cents a share. Analysts polled by Thomson Financial expected earnings of 25 cents a share on revenue of $179.6 million.
Looking ahead, Ciena now sees full-year revenue growth of 36%, up from an earlier forecast of 27% to 30%. Shares closed up $5.04 to $34.32.
rose 9.2% after the chipmaker posted first-quarter results that topped expectations and issued better-than-expected second-quarter earnings guidance. The company posted adjusted earnings of $10.6 million, or 14 cents a share, on revenue of $60.6 million. Analysts expected earnings of 10 cents a share on revenue of $56.6 million.
Looking ahead, Semtech sees second-quarter adjusted earnings of 14 cents to 15 cents a share on sequential revenue growth of 3% to 5%. Analysts project earnings of 12 cents a share on revenue of $58.1 million. Shares closed up $1.40 to $16.65.
rose 4.7% after the chip-equipment maker said it would buy about 6 million shares of stock in a Dutch auction, at prices ranging from $16.50 to $19 a share. The stock buyback represents about 8% of the company's outstanding shares. "We believe our own stock represents an attractive investment opportunity, so we are investing in our future to enhance shareholder value," the company said. Shares were up 79 cents to $17.69.
tumbled 13.8% after the switchmaker posted third-quarter results that fell short of expectations. The company reported adjusted earnings of $4 million, or 15 cents a share on revenue of $34.5 million. Analysts expected earnings of 16 cents a share on revenue of $35 million.
Looking ahead, Optium sees fourth-quarter adjusted earnings of 8 cents to 11 cents a share on revenue of $34.5 million to $37.5 million. Analysts project earnings of 17 cents a share on revenue of $37.4 million. Shares were down $2.16 to $13.53.
rose 7% after Robert Baird boosted its rating on the stock to outperform from neutral. The firm, which has a $28 price target for the company, said that Red Hat is seeing a shift in its sales mix, which should translate into higher revenue and margins. Shares were up $1.61 to $24.56.
As for the broader technology sector, the Nasdaq 100 was up 10.11 points to about 1928.19.