Top Tech Stocks
Technology stocks are narrowly higher, with shares of technology
companies in the S&P 500 rising about 0.1%.
In company news, Velti Plc (
) 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.
Copyright (C) 2013 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.