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

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Top Tech Stocks

MSFT -0.46%

AAPL -1.23%

IBM -0.41%

CSCO -1.16%

GOOG -1.13%

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.



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This article appears in: Investing , Commodities

Referenced Stocks: CEVA

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