Technology stocks were lower in afternoon trade with shares of
technology companies in the S&P 500 slipping about 0.5%
In company news, Hutchinson Tech (
) 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 more than 30% at $2.89 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
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
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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