Technology stocks were holding on to tiny gains with shares of
technology companies in the S&P 500 rising less than 0.1% just
ahead of today's closing bell.
In company news, Inteliquent (
) fell hard Thursday after the voice and data services reseller
reported a decline in its Q2 earnings from year-ago levels and
warned mandated price reductions will likely restrain growth over
the rest of 2014.
Net income during the three months ended June 30 fell to $9.4
million, or $0.28 per share, down from $33.4 million during the
same quarter last year but matching analyst estimates for the
Revenue grew 2.7% year over year to $54.88 million, roughly
matching the $55.24 million consensus.
In prepared remarks, CEO Ed Evans said the company is focusing
on managing costs and bringing new minutes onto its network as it
faces headwinds resulting from "mandated pricing reductions from
intercarrier compensation reform and previously agreed upon rate
decreases with several customers."
The company today also reiterated its May 1 forecast calling for
FY14 revenue in a range of $210 million to $220 million, in-line
with the $219.51 million consensus.
IQNT shares were down nearly 18% shortly before the closing bell
at $11.60 apiece, just 1 cent above its session low. The stock has
traded within a 52-week range of $5.73 to $15.93 a share, rising
slightly more than 47% over the past 12-month span.
In other sector news,
(+) NVEC, Reports Q2 net income of $4.04 mln, or $0.83 per
share, up 57% over $2.57 mln profit last year and beating estimates
by $0.15 per share. Total revenue climbs 37% to $8.45 mln, beating
Capital IQ consensus by $750 mln.
(-) ANGI, Q2 net loss of $0.31 per share is $0.07 wider than
Capital IQ consensus, Revenue climbs 33.3% year over year to $78.9
mln, trailing Street by $1.26 mln.
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