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Technology Sector Update for 12/07/2017: DPW, SEAC, VRNT, AMZN


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Technology stocks were helping lead the U.S. markets to moderate gains, with shares of tech companies in the S&P 500 advancing nearly 0.7%.

In company news, Digital Power ( DPW ) rose more than 49% on Thursday, topping out at $4.09 a share, after the electronic components company raised its FY18 revenue outlook by at least 44% over its prior forecast

The company is now projecting revenue during the 12 months ending in December 2018 in a new range of $36 million to $38 million compared with its prior view expecting between $23.5 million to $25 million next year.

It also reiterated its guidance for the current quarter ending Dec. 31 for between $4.2 million to $4.9 million in revenue. No analyst estimates were available for comparison.

Separately, Digital Power denied market speculation it has signed a deal worth up to $450 million with Amazon.com ( AMZN ) calling on the company to produce hardware capable of processing crytocurrency for the online retailer.

"While DPW has made moves towards entering the cryptocurrency and digital mining spaces and has disclosed its activities in recent press releases and will continue to do so, DPW categorically denies the validity and accuracy of any such rumors," the company said in prepared remarks.

In other sector news,

(+) SEAC, (+24.1%) Adjusted Q3 net income of $0.09 per share reverses a $0.13 per share net loss during the same quarter last year and beating the Capital IQ consensus by $0.08 per share. Revenue rose 17% to $23.4 mln, also topping the $19.5 mln analyst mean.

(-) VRNT, (-6.1%) GAAP Q3 net income of $0.04 per share trails Street view by $0.05 per share. Also issues in-line FY17 EPS and revenue forecast. Sees FY18 net income of $3.00 per share on revenue in a range of $1.19 bln to $1.24 bln. Street is at $3.08 per share on $1.21 bln in revenue next year.

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 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Technology , Commodities
Referenced Symbols: DPW , AMZN , SEAC , VRNT


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