Tech Sector Lower Near Close; CEVA Extending Losses After Cutting Q3 Revenue Guidance

By Staff,

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Technology stocks are posting steep declines with shares of technology companies in the S&P 500 sinking about 0.8%.

In company news, CEVA ( CEVA ) is down 15.7% at $14.41 a share shortly before the close, adding to earlier losses after the licensor of silicon intellectual property said it expects to report total revenues of around $10 million in Q3, trailing its prior guidance of $11.5 million to $12.5 million.

The Street is looking for $12.1 million in quarterly revenue.

"Our licensing and related revenues came in lower than projected for the third quarter due mainly to not closing a significant license agreement," CEO Gideon Wertheizer said.

In other sector news,

(+) CAMP, Fiscal Q2 EPS of $0.19 beats Capital IQ consensus by $0.03 per share. Revenue rises 33.6% year over year to $58.8 mln, also topping estimates by $4 mln. Issues in-line EPS guidance for Q3, projected revenue beats by at least $1.2 mln.

(-) ALTI, Energy-storage names new chief financial officer after disclosing the predecessor in the post along with the company president were fired and two directors resigned on Sept. 26.

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
Referenced Stocks: CEVA

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