Tech Stocks Extend Drift Lower This Afternoon; Control4 Surges 15% After Q2 Revenue Beat

By Staff,

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Technology stocks are moderately lower this afternoon with shares of technology companies in the S&P 500 sliding about 0.5%.

In company news, Control4 ( CTRL ) is finishing down nearly 15% at $20.30 a share after Thursday reporting Q2 earnings of $0.08 per share, ex one-time items, trailing the Capital IQ consensus by $0.03 per share. Revenues of $32.5 million beat by around $300,000,

For Q3, the automation and controls company is expecting EPS of $0.05 to $0.10, in-line with the consensus view looking for a $0.09 per share profit. Revenue is projected in a range between $32.5 million to $34.5 million, also matching estimates expecting $34.22 million in revenue.

FY13 revenue is seen at CTRL coming in at $126 million to $130 million. Analysts, on average, are at $128.82 million.

In other sector news,

(+) CRM, (+12.8%) Q2 EPS of $0.09 beats by $0.02 while revenue climbs 30.8% over year-ago quarter to $957 mln, topping estimates by $18 mln. Guides Q3 earnings at least $0.01 per share above Street, revenue in-line. FY14 EPS, revenue also match estimates.

(-) OVTI, (-15.2%) Q1 revenue climb 44.8% year over year to $373.7 mln but misses by $2.7 mln. EPS of $0.55 beats by $0.12 per share. Issues guidance in-line with analyst projections for $0.50 per share profit on $376.39 mln in revenue. Also, Oppenheimer downgrades.

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: CTRL

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