Sector Update: Tech


Technology stocks were lower in mid-day trade, with shares of technology companies in the S&P 500 retreating around 0.5%.

In company news, SemiLEDs Corp ( LEDS ) shares fell Tuesday after the maker of light emitting diode chips and components reported fiscal Q3 revenue trailing analyst forecasts for the period, upstaging a smaller-than-expected quarterly net loss.

Revenue during the three months ended May 31 rose 11% over the prior quarter to $4.6 million, trailing the lone estimate by around $300,000.

Excluding one-time items, LEDS reported a fiscal Q3 net loss of $5.9 million, or $0.21 per share, little changed sequentially but beating the analyst projection for the quarter by $0.04 per share. On a GAAP basis, the company lost $6.4 million, or $0.23 per share, also little changed from Q2.

LEDS shares were down 5 cents at 97 cents apiece this afternoon, earlier falling to a session low of 95 cents a share. The stock has a 52-week range of 79 cents to $1.66 a share, retreating 20.4% over the past 12 months.

In other sector news,

(+) ALB, (+3.9%) Acquires Rockwood Holdings ( ROC ), paying $6.2 bln in cash and stock for the maker of lithium used in lithium-ion batteries. ALB also forecasts Q2 adjusted EPS beating Street view but revenue lags analyst estimates.

(-) BAH, (-0.5%) CEO Ralph Shrader discloses plans to retire by the end of the year, with Chief Operating Officer Horacio Rozanski promoted to succeed him, effective Jan. 1, 2015. Shrader will remain board chairman.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: LEDS , ROC

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