Technology stocks were narrowly lower, with shares of technology
companies in the S&P 500 slipping less than 0.1%.
In company news, Extreme Networks (
) rose to a three-month high Monday after the networking equipment
manufacturer raised its outlook for fiscal Q4 net income and
revenue, topping Wall Street expectations for the three month
EXTR shares were up nearly 14% at $4.98 apiece, earlier climbing
to an intra-day high of $5.20 a share - marking its best share
price since early May. The stock has a 52-week range of $3.53 to
$8.14 a share, climbing nearly 25% in value over the past 12
The company is now expecting non-GAAP earnings in a range of
$0.06 to $0.08 per share, up from its prior forecast looking for
quarterly EPS of $0.02 to $0.04 and topping analyst estimates by at
least $0.03 per share. It also sees revenue in a range of $154
million to $156 million, up from it previous guidance looking for
$145 million to $150 million and exceeding the Capital IQ consensus
by at least $8.27 million.
The better-than-expected Q4 results were driven strong growth in
its North American segment, including deals to equip several NFL
stadiums with fan wi-fi access, according to CEO Charles Berger.
EXTR also saw sequential and year-over-year growth in Europe,
Africa and the Middle East, he said.
Separately, EXTR Monday said it was selected by the Tennessee
Titans to outfit the football team's home LP Field in Nashville
with high-performance wi-fi equipment. Financial terms of the new
contract were not immediately disclosed.
In other sector news,
(+) CPAH, (+47.8%) Awarded U.S, patent for its mobile
network-based authentication technology, which allows operators to
offer Over the Top communications with mobile-based user
authentication, simplifying mobile services over non-mobile
(-) ASTI, (-6.0%) Offers $32 mln of 8.0% secured convertible
notes due 2019, with the company pocketing $7 mln at closing and
the remaining $25 mln in installments over next 18 months. Deal
includes 5-year warrants to buy up to 26.7 mln shares at $0.5246
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