Top Tech Stocks
Technology stocks were leading the broader markets lower today, with shares of tech companies in the S&P 500 falling over 1.8% in late trading.
In company news, TechTarget ( TTGT ) climbed to within 6 cents of its 52-week high of $10.59 a share within minutes of Thursday’s opening bell, jumping out to a 10.5% gain, after the producer of online marketing last night reported Q2 revenue narrowly topping analyst estimates.
Revenue fell 8.6% compared with year-ago levels to $26.7 million, beating the Capital IQ consensus looking for $26.3 million for the three months ended June 30. Net income slipped $0.02 from the same quarter last year to $0.05 per share and came up $0.03 per share shy of the analyst mean.
For the current quarter ending Sept. 30, TechTarget is expecting revenue in a range $500,000 either side of $28.0 million, in-line with the $28.5 million consensus.
In other sector news,
(+) LUNA, Sells high-speed optical receiver business to MACOM Tech ( MTSI ) for $33.5 mln. Also trims Q2 net loss by $0.02 per share from year-ago period, reporting $0.01 per share net loss. Revenue falls 7.4% to $13.6 mln, missing the $14.2 mln single-analyst estimate.
(-) SYNC, Lowers FY17 sale outlook below Street, paring prior projections by $20 mln to a new range of $140 mln to $150 mln, trailing the $163.5 mln consensus. Also sees FY17 net loss widening significantly from initial view, upstaging above-consensus Q2 results.
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