Tech Losses Picking Up Speed; Fleetmatic Rallies After Q3 Results Top Estimates


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Technology stocks are extending their slide this afternoon, with shares of technology companies in the S&P 500 retreating about 0.9% as a group.

In company news, Fleetmatics Group plc ( FLTX ) is up more than 16% at $37.75 a share after the Irish software firm reported adjusted Q3 earnings that topped analyst estimates by $0.03 per share. Quarterly revenue also beat expectations.

Non-GAAP adjusted earnings for the fleet-management software company rose from $0.19 per share in the year-ago quarter to $0.25 per share during the three months ended Sept. 30. Revenue advanced 39.5% year over year to $46.3 million, exceeding the Capital IQ consensus by $1.75 million.

Forward guidance was slightly more of a mixed bag, however, with the company forecasting Q4 revenue in a range of $48.6 million to $49.2 million, topping the Street view by at least $1.64 million. Projected EPS of $0.21 to $0.23, however, merely straddles the $0.22 per share consensus.

In other sector news,

(+) TWTR , (+79.0%) Shares opened at $45.10 each - a 73% premium to its $26-per-share IPO price - and climbed above $50 before stabilizing near $46. The offering of 20.5 mln shares generated $2.1 bln in gross proceeds before any over-allotments are exercised.

(-) INWK, (-38.2%) Misses with Q3 earnings, revenue. Slashes FY13 guidance, cutting projected EPS by $0.30 to a new range of $0.16 to $0.20 per share - trailing analyst consensus by at least $0.26. Also trims revenue forecast below Street view.

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

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