The markets ended on a down note Friday to end a strong May. The Dow Jones Industrial Average declined 1.4 percent to close at 15,115.57, which was its largest drop since mid-April, while the S&P 500 Index fell 1.43 percent to close at $1,630.74. Despite the decline Friday, the Dow and S&P 500 ended the month of May with gains of 1.9 percent and 2.1 percent, respectively. The Technology Sector followed the broader markets as the Nasdaq Composite Index declined 1 percent Friday, but ended May with a 3.8 percent gain. Here is how some technology stocks reacted Friday.
Cirrus Logic, Inc. (NASDAQ: CRUS) shares traded in the range of $18.20 to $18.67 Friday before settling to close at $18.25. The stock appears to be facing stiff resistance at $19.90 and 21.66. The company reported revenues were $207 million for the fourth quarter of fiscal 2013, an increase of 87 percent when compared to the year ago period. Shares of Cirrus Logic are down approximately 37 percent in 2013.
More information onCirrus Logicand access to the free equity report can be found at: www.WallStreetFundamentals.com/CRUS
Palo Alto Networks Inc. (NYSE: PANW) shares traded in the range of $47.00 to $50.43 Friday beforesettling to close at $48.52. The stock appears to be facing resistance at the $49.47 and 50.63 levels. The company reported a GAAP net loss of $7.3 million, or $0.10 per diluted share, for the third quarter of fiscal 2013, compared to a net income of $0.8 million in the year ago quarter. Shares of Palo Alto Networks are down approximately 10.79 percent year-to-date.
More information on Palo Alto Networks and access to the free equity report can be found at: www.WallStreetFundamentals.com/PANW
Skyworks Solutions Inc. (NASDAQ: SWKS) shares traded in the range of $23.51 to $24.58 Friday before settling to close at $23.86. The stock appears to have some resistance at $24.14 with strong support at $22.44. For the third quarter of fiscal 2013, the company currently expects revenues to be approximately $435 million, and gross margin to be in the $43.5 to 44.0 percent range. Shares of Skyworks Solutionsare up approximately 17.5 percent in 2013.
More information on Skyworks Solutions and access to the free equity report can be found at: www.WallStreetFundamentals.com/SWKS
TriQuint Semiconductor (NASDAQ: TQNT) shares traded in the range of $7.03 to $7.20 Friday before settling to close at $7.03. The stock appears to be facing slight resistance at $7.10 with some support at $6.89. The company expects revenues for the second quarter of 2013 to be in the range of $185 million and$190 million. Shares of TriQuint Semiconductorare up approximately 45.5 percent in 2013.
More information on TriQuint Semiconductor and access to the free equity report can be found at: www.WallStreetFundamentals.com/TQNT
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