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Sector Update: Technology
By: MT Newswires
Technology stocks are lower today with shares of technology companies in the S&P 500 declining over 0.4%.
In company news, Performance Technologies ( PTIX ) is finishing today's session with a nearly 86% advance at $2.36 a share - earlier more than tripling in price to a new 52-week high of $3.97 after returning to a Q2 profit and growing revenue.
The network equipment and software company earned $0.06 per share on a non-GAAP basis, reversing a $0.12 net loss in the year-ago period.
Revenue rose 42% over the same quarter last year to $7.1 million. No analyst estimates for revenue were available for comparison.
The company as recently as early May was under threat of delisting from the Nasdaq exchange because its share price had closed below the $1 a share minimum for more than 30 days in a row.
In other sector news,
(+) UBNT, Q4 net income of $0.33 per share, ex items, beats by $0.06. Revenue rises 6.7% to $101.2 mln, exceeding the Street view by $7.92 mln. Issues upside Q1 guidance, with projected EPS topping analyst expectations by $0.11 or more.
(-) WWWW, Prices $225.0-mln offering of 1.00% senior convertible notes due 2018.