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

Shutterstock photo

Top Tech Stocks

MSFT +0.71%

AAPL +0.08%

IBM -0.46%

CSCO +0.20%

GOOG +0.47%

Technology stocks were edging higher Friday afternoon, with shares of tech companies in the S&P 500 posting a 0.4% gain.

In company news, Vivint Solar ( VSLR ) jumped out to large gains today after the photovoltaic-panels installer late Thursday trading reported a narrower adjusted Q4 net loss than analysts were expecting as well as revenue exceeding Wall Street opinion.

Excluding one-time items, Vivint recorded a non-GAAP net loss attributable to common shareholders of $0.41 per share during the final three months of 2016, improving on a $0.50 per share net loss during the same quarter last year and beating the Capital IQ consensus expecting a $0.43 per share adjusted net loss. Revenue grew to $41.8 million from $16 million, topping a $41.7 million estimate.

Looking forward, the company is expecting to install between 43 to 46 megawatts at a cost of $2.95 to $3.05 per watt during the current quarter ending March 31. That compares with 47 megawatts installed at a cost of $3.08 per watt during the final three months of 2016 and 59 megawatts for $3.12 per watt during the same quarter last year.

VSLR shares were up nearly 2% at $2.80 a share in afternoon trade, backing down from a 13.3% advance to a session high today of $3.15 a share.

In other sector news,

(+) NSAT, (+23.1%) 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, (-15.5%) 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: VSLR , NSAT , QBAK

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities
Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by