Sector Update: Tech Stocks Paring Losses Late; Hutch Tech Spikes Nearly 30% After Topping Earnings Estimates

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Technology stocks were lower in afternoon trade with shares of technology companies in the S&P 500 slipping about 0.5% today.

In company news, Hutchinson Tech ( HTCH ) rose Friday after the computer hard-drive manufacturer posted a smaller fiscal Q3 net loss than Wall Street was expecting on in-line quarterly revenue.

HTCH shares were ahead nearly 30% at $2.88 each in late trade, holding within 7 cents of their session high. The stock has traded within a 52-week range of $1.96 to $4.35 a share, declining about 22.7% over the past 12 months despite today's outsized gains.

The company this morning reported a GAAP net loss for the three months ended June 29 of $11.2 million, or $0.40 per share, . Excluding around $2.05 million in one-time item, including severance and site consolidation cost, the loss narrowed to $8.9 million, or $0.32 per share, beating the Capital IQ consensus by $0.02 per share.

Revenues fell 2.4% year over year to $59.8 million, narrowly trailing estimates by around $520,000.

HTCH also said it expects its Q4 average selling price were be relatively flat compared with Q3, with gross profit for the quarter seen rising sequentially as higher shipments and the benefits of cost reductions are offset by a reduction in finished goods inventories.

In other sector news,

(+) IMPV, Q2 net loss of $0.25 per share beats by $0.16. Revenue grows 22.7% to $38.4 mln, topping consensus by $3.99 mln. Guides Q3 EPS, revenue in-line. Projected FY14 net loss is at least $0.08 smaller than estimates. Revenue guidance tops Street.

(-) SREV, Adjusted Q2 net loss of $0.09 per share is $0.03 wider than Capital IQ consensus. Revenue declines 2.5% year over year to $65.99 mln, trailing estimates by around $3.87 mln.



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Referenced Stocks: HTCH

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