Wednesday's Tech Winners & Losers
Updated from 12:11 p.m. EDT
Tech stocks were up modestly Wednesday, though several companies were jumping higher on merger and earnings news.
Andrew
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jumped 10.9% after the telecom supplier agreed to be acquired by
CommScope
(CTV)
for about $2.6 billion, or $15 a share. The deal represents a 16% premium to Andrew's closing price of $12.98 on Tuesday. The deal, which will consist of at least 90% cash, is expected to close by the end of the year. Shares of Andrew closed up $1.42 to $14.40.
Elsewhere,
Spectrum Control
(SPEC)
climbed 17.8% after the maker of electronic products posted a second-quarter profit that impressed investors. The company earned $2.8 million, or 20 cents a share, on revenue of $33.6 million. The single-analyst forecast compiled by Thomson Financial called for earnings of 18 cents a share.
Looking ahead, Spectrum sees third-quarter earnings of 22 cents to 23 cents a share on revenue of $34.5 million to $35.5 million. Shares were up $2.47 to $16.34.
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Meanwhile,
Standard Microsystems
(SMSC)
rose 9.4% after the chipmaker posted first-quarter results that topped Wall Street's forecast. The company posted adjusted earnings of $7 million, or 29 cents a share, on revenue of $81.5 million. Analysts expected earnings of 25 cents a share on revenue of $81 million.
Looking ahead, Standard Microsystems sees second-quarter adjusted earnings of 37 cents to 40 cents a share on revenue of $88 million to $90 million. Analysts project earnings of 39 cents a share on revenue of $89.9 million. Shares were up $3.04 to $35.29.
Oracle
(ORCL)
rose 2.8% after the software giant posted better-than-expected fourth-quarter results. The company reported adjusted earnings of $1.9 billion, or 37 cents a share, on revenue of $5.8 billion. Analysts expected earnings of 35 cents a share on revenue of $5.6 billion.
Looking ahead, Oracle sees first-quarter adjusted earnings of 21 cents a share. Analysts project earnings of 21 cents a share. Shares closed up 53 cents to $19.69.
Finally,
Park Electrochemical
(PKE)
slid 11.1% after the maker of printed circuit materials posted disappointing first-quarter results. The company earned $7.4 million, or 37 cents a share, on revenue of $57.1 million. Analysts expected earnings of 42 cents a share on revenue of $60.4 million. Shares closed down $3.53 to $28.02.
As for the broader technology sector, the Nasdaq 100 was up 24.42 points to 1933.06.
