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Technology Sector Update for 09/12/2017: PRGS,VERI


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Technology stocks were ending with small gains Tuesday afternoon, overcoming a lackluster response to Apple's latest iPhone model, with shares of tech companies in the S&P 500 climbing about 0.1% in recent trading.

In company news, Progress Software ( PRGS ) reached a record high on Tuesday, rising to a best-ever $36.54 a share, after the data management and cloud-computing applications company today issued preliminary fiscal Q3 net income and revenue exceeding Wall Street expectations.

Excluding one-time items, the company is expecting to report per-share earnings of $0.48, up from its prior outlook expecting a non-GAAP profit between $0.41 to $0.43 per share and topping the Capital IQ consensus by $0.06 per share. On a GAAP basis, Progress is now expecting to earn $0.23 per share during the three months ended Aug. 31.

The company also said revenue for the June-through-August period will likely come in at around $97.3 million, also surpassing its previous guidance looking for revenue in a range of $93 million to $96 million and beating the $96.4 million analyst mean.

Progress is scheduled to report its full Q3 financial results on Sept. 27.

In other sector news,

(+) VERI, Climbs to a new, record high after forming new partnership with privately held Wazee Digital, which will now offer Veritone's proprietary platform of artificial intelligence tools to its clients.

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

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This article appears in: Technology , Commodities
Referenced Symbols: PRGS , VERI


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