Sector Update: Tech

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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 The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: CBR

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