Technology Sector Update for 03/17/2017: EXA,NSAT,QBAK

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Technology stocks still were edging higher Friday afternoon, with shares of tech companies in the S&P 500 holding on to a 0.3% gain.

In company news, Exa ( EXA ) slipped Friday after the simulation software company reported below-consensus Q4 revenue growth and also forecast revenue for the current quarter and all of 2017 lagging analyst estimates.

Revenue for the three months ended Jan. 31 rose 7% over year-ago levels to $19.53 million but stopped about $720,000 short of the Capital IQ consensus. That worked to upstage better-than-expected Q4 per-share earnings of $0.05, exceeding the Street view by $0.04 per share.

For the current current ending in April, the company is projecting revenue in a range of $16 million to $17 mllion and growing to $75 million to $80 million during the 12 months ending next January. Analysts, on average, are looking for $18.77 million in Q1 revenue and $82.08 million for FY17.

EXAS shares were down over 13% at $13.61 apiece this afternoon, earlier dropping to a session low of $12.90 a share.

In other sector news,

(+) NSAT, Privet Fund Management provides non-binding letter of interest to acquire NSAT at $10.25 per share, a 13.3% premium over Thursday's closing price. The company will review offer as part of ongoing strategic review.

(-) QBAK, Trims Q4 net loss to $0.20 per share compared with $0.21 per share loss during year-ago period. Revenue declines 15.4% from year-ago period to $2.2 mln.

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) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Technology , Commodities
Referenced Symbols: EXA , NSAT , QBAK

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