Top Tech Stocks
Technology stocks were narrowly lower on Friday, with shares of tech companies in the S&P 500 sinking slightly less than 0.2%.
In company news, Immersion Corp ( IMMR ) stumbled Friday after the haptic technologies company swung to a non-GAAP net loss and weaker-than-expected during its October-to-December fiscal period.
Excluding one-time items, the company recorded an adjusted Q4 net loss $0.27 per share, reversing a $0.07 per share non-GAAP profit during the same quarter last year and coming in $0.08 per share wider than the Capital IQ consensus. Revenue declined 44% from year-ago levels to $9.3 million, also lagging the $10.7 million analyst mean.
IMMR shares were down over 18% at $8.74 each in afternoon trade, recovering moderately from a session low earlier today of $8.27 a share.
In other sector news,
(+) SNAP, (+11.4%) Susquehanna begins analyst coverage with a Neutral rating and a $22 a share price target. Comcast ( CMCSA ) says its NBCUniversal unit invested $500 million in Snap during its initial public offering.
(-) NTNX, (-23.0%) Morgan Stanley downgrade to Underweight from Equal-Weight follows the company forecasting a fiscal Q3 net loss of $0.45 to $0.48 per share, or at least $0.10 per share wider than the Capital IQ consensus. RBC Capital Markets lowers price target by $4 to $34 a share, reiterating Outperform rating.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.