Sector Update: Technology


Top Tech Stocks

MSFT +0.68%

AAPL +0.37%

IBM +0.47%

CSCO -0.39%

GOOG +0.52%

Technology stocks are narrowly higher, with shares of technology companies in the S&P 500 rising about 0.1%.

In company news, Velti Plc ( VELT ) is down nearly 55% at 45 cents a share, just 2 cents off its new 52-week low after late Tuesday announcing a new round of corporate restructuring, intended to trim annual company spending by another $40 million on top of its previous move aiming to cut expenses by $40 million per year.

The mobile marketing and advertising firm also said it has hired an investment bank to sell its supply-side advertising business, also known as Mobclix, as well as considering other strategic options for the company.

VELT recently engaged Deloitte Financial Advisory Services to evaluate receivables on the books of its Greek and Cypriot subsidiaries and will now take a $111-million charge against Q2 financial results following that review.

Overall, VELT reported an adjusted net loss of $0.25 per share in Q2, $0.05 wider than what analysts were expecting. Revenue fell 46.8% year over year to $31.2 mln, also missing the consensus view by $11.95 mln.

In other sector news,

(+) SGOC, (+29.7%) Flat-panel display maker reports Q2 EPS of $0.20, up from $0.07 per share in year-ago quarter. Total revenue jumps 38.7% year over year to $59.2 mln. No analyst estimates were available for comparison.

(-) KTCC, (-14.4%) Q4 earnings fall to $0.22 per share from $0.35 last year. Revenue slides 12.5% to $84.6 mln. Sees Q1 earnings of $0.15 to $0.20 per share on $73 mln to $78 mln in revenue. Analyst estimates were not available.

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.

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

This article appears in: Investing , Commodities

Referenced Stocks: VELT

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