Shares of tech giants Citrix (NasdaqGS: CTXS) and Flextronics (NasdaqGS: FLEX) were pushing and pulling on PowerShares QQQ (NasdaqGM: QQQ) amid a burst of corporate earnings reports Thursday.
Flextronics shares slipped 4% while Citrix added about 10% in recent trading.
Flextronics missed Wall Street expectations on earnings and revenue.
“The explanation was that things seemed to weaken toward the end of the quarter, but forward expectations are that it’s a temporary situation and business should bounce back in June and throughout the rest of the year,” Collins Steward analysts said. “While there were not many positives in the quarter, the company announced another $200 million share buyback, about 3.7% of shares outstanding.”
Citrix boosted its full-year profit outlook, triggering a rally in the shares.
The PowerShares QQQ (Nasdaq: NasdaqGM: QQQ) was off fractionally in early trading Thursday with investors also mulling quarterly updates from eBay (NasdaqGS: EBAY) and Akamai Technologies (NasdaqGS: AKAM).
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