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 Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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