Sector Update: Tech Stocks Lower But Outperforming Most Sectors; SunEdison Rises After Surprise Q2 Profit

By Staff,

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MSFT +1.01%

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Technology stocks were mostly lower, with shares of technology companies in the S&P 500 slipping about 0.4%.

In company news, SunEdison Inc. ( SUNE ) was surging Thursday after the solar energy surprised Wall Street by posting an adjusted Q2 profit.

Q2 GAAP sales were $646.2 million and non-GAAP sales were $557.5 million. The mean Bloomberg estimate was for $567 million.

The company reported non-GAAP earnings of $0.12 per share, easily beating the Capital IQ consensus looking for a $0.29 loss after completing more projects during the quarter than it expected. Non-GAAP revenue rose 13.4% year over year to $557.5 million, trailing the Street view by around $16.26 million.

SUNE shares were up more than 13% at $21.84, earlier topping out during the session at $22.46 a share. The stock has a 52-week range of $6.24 to $24.35 a share, almost tripling in value over the past 12 months, rising 196.1% over that span.

In other sector news,

(+) SSYS, (+18.9%) Increases FY14 earnings forecast by $0.10 to $2.25 to $2.35 per share, topping estimates by at least $0.07 per share. Projected revenue top Streets by at least $61 mln. Q2 EPS beats by $0.11; revenue exceeds estimates by $21.53 mln.

(-) AGYS, (-5.8%) Reports fiscal Q1 net loss of $0.02 per share, trailing analyst estimates expecting $0.03 profit. Revenue was unchanged from year-ago levels at $23.7 mln.

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) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: SUNE

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