Tech Stocks Taking Part in Market Rally; Bargain Shopping Limiting EZopen Slide After Q3, FY14 Warnings

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Top Tech Stocks

MSFT +0.92%

AAPL +0.78%

IBM +0.64%

CSCO +1.33%

GOOG +0.43%

Technology stocks are higher, with shares of technology companies in the S&P 500 advancing about 0.7%.

In company news, E2open ( EOPN ) is down just more than 3% at $19.75 a share, holding up relatively well after late Thursday warning it expects to post net losses in Q3 and FY14 significantly wider than analyst forecasts. The cloud-based logistics software company also is projecting quarterly and full-year revenues trailing consensus opinion.

Helping limit declines are Q2 earnings and revenue that beat analyst projections, along with several analyst recommendations saying investors should use Friday's price slump as a buying opportunity.

Looking forward, EOPN said it now expects a net loss of between $0.18 to $0.21 per share in Q3, lagging the Capital IQ consensus by at least $0.14. Revenue is expected in a range of $18.1 million to $18.6 million, or at least $2.2 million under the Street view for the quarter.

For FY14, the company is expecting a net loss of $0.53 to $0.57 per share compared with analyst estimates looking for a $0.34 per share loss. Revenue is seen coming in at $73.2 million to $74.2 million, or at least $3.42 million below Wall Street expectations.

In other sector news,

(+) OCLR, (+10.3%) Sells its fiber amplifier and micro-optics business to II-VI ( IIVI ) for $88.6 mln. IIVI expects the deal to be accretive to EPS in FY15. OCLR chief financial officer Jerry Turin also leaving the company, effective Nov. 8.

(-) SGI, (-7.9%) Cuts Q1 EPS outlook to $0.02 to $0.04 from $0.07 to $0.14. Also sees $147 mln in revenue, down from $160 mln to $170 mln. The Street is at $0.09 per share on $165.5 mln in revenue. Said government shutdown could reduce FY14 revenue by up to 10%.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: EOPN , IIVI

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