Sector Update: Tech Stocks Ending Little Changed; Investors Unplug Inteliquent After Q2 Earnings Decline

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Technology stocks were holding on to tiny gains with shares of technology companies in the S&P 500 rising less than 0.1% just ahead of today's closing bell.

In company news, Inteliquent ( IQNT ) fell hard Thursday after the voice and data services reseller reported a decline in its Q2 earnings from year-ago levels and warned mandated price reductions will likely restrain growth over the rest of 2014.

Net income during the three months ended June 30 fell to $9.4 million, or $0.28 per share, down from $33.4 million during the same quarter last year but matching analyst estimates for the latest quarter.

Revenue grew 2.7% year over year to $54.88 million, roughly matching the $55.24 million consensus.

In prepared remarks, CEO Ed Evans said the company is focusing on managing costs and bringing new minutes onto its network as it faces headwinds resulting from "mandated pricing reductions from intercarrier compensation reform and previously agreed upon rate decreases with several customers."

The company today also reiterated its May 1 forecast calling for FY14 revenue in a range of $210 million to $220 million, in-line with the $219.51 million consensus.

IQNT shares were down nearly 18% shortly before the closing bell at $11.59 apiece, just 1 cent above its session low. The stock has traded within a 52-week range of $5.73 to $15.93 a share, rising slightly more than 47% over the past 12-month span.

In other sector news,

(+) NVEC, Reports Q2 net income of $4.04 mln, or $0.83 per share, up 57% over $2.57 mln profit last year and beating estimates by $0.15 per share. Total revenue climbs 37% to $8.45 mln, beating Capital IQ consensus by $750 mln.

(-) ANGI, Q2 net loss of $0.31 per share is $0.07 wider than Capital IQ consensus, Revenue climbs 33.3% year over year to $78.9 mln, trailing Street by $1.26 mln.



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This article appears in: Investing , Commodities

Referenced Stocks: IQNT

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