Technology exchange traded funds were flat Thursday on mixed performance from components including NetApp (NasdaqGS: NTAP) and Computer Sciences (NYSE: CSC).
NetApp shares rose 6% as Wall Street cheered the firms’ quarterly results.
“NetApp reported a solid fiscal fourth quarter, delivering both revenue and EPS upside, but the underlying strength of the quarter was somewhat masked by the company’s decision to recast 2011 results to reflect FASB accounting changes on multiple element transactions,” Wunderlich Securities said in a report Thursday.
“Looking ahead, EPS guidance was ahead of our expected range for the July quarter on higher-than-anticipated margins for the core business,” Wunderlich said.
Separately, Computer Sciences shares slumped more than 10% Thursday in the wake of the company’s quarterly update. Earlier this month, the company lowered its revenue and earnings forecast for the full year.
“The reduction in guidance is primarily due to revenue uncertainty related to projects the firm has been working on for the National Health Service division of the U.K. government,” Morningstar said in a recent note on the Computer Sciences. “The company missed a key milestone for the NHS project, which has led to a delay in the payment.”
Rydex S&P Equal Weight Technology (NYSEArca: RYT) slipped fractionally Thursday.
Rydex S&P Equal Weight Technology
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