Top Tech Stocks
Technology stocks were building on their prior losses from earlier Friday, with shares of tech companies in the S&P 500 falling about 0.3% in recent trade.
In company news, networking equipment manufacturer Finisar Corp ( FNSR ) was getting a boost higher Friday, staying with a few pennies of today’s session high of $28.99 a share after last night reporting improved fiscal Q4 financial results also matching Wall Street estimates.
Excluding one-time items, the company earned $0.50 per share, up from a non-GAAP profit of $0.29 per share during the year-ago period and equaling the Capital IQ consensus. Revenue rose 12.1% over the same quarter last year to $357.5 million, largely in-line with the $359.65 million analyst mean.
Among individual product lines, sales of 100G QSFP28 transceivers for datacom applications climbed more than 30% year compared to the preceding quarter. That increase, however, was more than offset by declining demand by Chinese original equipment manufacturers for other datacom products – primarily Finisar’s 10G and below-shortwave transceivers.
Finisar also is forecasting adjusted per-share earnings for the current quarter ending next month between $0.37 to $0.43, trailing the $0.51 per share consensus. It sees Q1 revenue in a range of $330 million to $350 million while analysts, on average, are looking for $366.16 million in revenue during the May-to-July reporting period.
In other sector news,
(+) NAN0, (+7.0%) Raised to Buy from Hold at Stifel Nicolaus, which also increased its price target for the stock by $2 to $31 a share.
(-) BAH, (-18.6%) U.S. Department of Justice begins criminal, civil probes of cost accounting and indirect cost charging practices by wholly-owned Booz Allen Hamilton subsidiary. Also, Drexel Hamilton downgrade to Hold from Buy.
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