Sector Update: Tech


Shutterstock photo

Technology stocks were slightly lower in afternoon trade with shares of technology companies in the S&P 500 slipping about 0.2%.

In company news, Ciber Inc ( CBR ) slumped Tuesday after the information technology firm reported below-consensus Q2 earnings and revenue and announced a company restructuring program set to begin during the current quarter.

The company today posted a $0.02 per share net loss, reversing a $0.04 per share profit during the year-ago period and trailing analyst estimates by $0.08 per share. Revenue declined 2.6% year over year to $214.6 million, lagging the Capital IQ consensus by $7.37 million.

CBR also said it late last week approved a restructuring program that will be focused on implementing a "go-to-market" model, realigning the organization and improving our offshore delivery mix. The year-long initiative is expected to generate around $24 million in cash restructuring costs.

The company's shares were down more than 12% in late trade at $3.89 apiece, just 8 cents off its session low. The stock has traded within a 52-week range of $3.08 to $5.09 a share, holding on to a 3.5% advance over the past 12 months.

In other sector news,

(+) CGNX, Adjusted Q2 net income of $0.32 per share beats by $0.10 per share. Revenue climbs 25.8% year over year to $108.8 mln, topping estimates by $5.3 mln. Sees Q3 revenue in range of $165 mln to $170 mln, topping Street view by at least $22.2 mln.

(-) AFOP, Q2 revenue grows 27.1% year over year to $24.19 mln, trailing analyst estimates by $990,000. Adjusted EPS of $0.32 beats by $0.01 per share.

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

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

This article appears in: Investing , Commodities

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities
Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by