Sector Update: Technology

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Technology stocks were higher in late-session trade with shares of technology companies in the S&P 500 climbing about 0.8%.

In company news, InterCloud Systems ( ICLD ) was down over 20% shortly before the closing bell after cloud-based telecom and enterprise database and software services company saw its Q4 net loss balloon compared to year-ago levels.

ICLD posted a net loss of $23.4 million, or $4.72, during the three months ended Dec. 31, significantly wider than the company's $400,000 net loss during the same quarter last year. Excluding one-time items, it recorded a $3.24 per share loss, compared with $0.91 loss last year.


Revenue climbed 5.4% year over year to $11.8 million. No analyst estimates were available for comparison.

ICLD shares were down 20.3% at $6.17 each in late trade, drifting as low as $5.52 a share earlier in today's session. The stock has a 52-week range of $2.20 to $19.39 a share, losing nearly 50% in value over the past 12 months.

In other sector news,

(+) INTC, Changes financial reporting structure, adding a new Internet of Things Group, which includes its Wind River and McAfee software units. Also creates Data Center and PC Client groups.

(-) GIMO, Reports preliminary Q1 revenue of $31.0 mln to $31.5 mln, trailing its earlier guidance by at least $2.5 mln and missing analyst estimates by at least $3.2 mln.



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: ICLD

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