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Tech Stocks Edging Back To Positive Ground; FalconStor Software Cuts Expenses, Helping Firm Turn Q4 Profit

By: MT Newswires
Posted: 2/14/2014 3:37:00 PM
Referenced Stocks: FALC

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Technology stocks were slightly higher today, reversing earlier losses and shares of technology companies in the S&P 500 gaining about 0.1%.

In company news, FalconStor Software ( FALC ) shares rose as much as 11% on Friday after the data protection and storage company posted a profit in its latest reporting period after sharply reducing expenses to reverse a net loss in the year-ago quarter.

The company earned $874,811, or $0.01 per share, during the final three months of 2013, turning around a $2.3 million net loss during the same period last year. Revenue declined 34.8% year over year to $14.6 million.

No analyst estimates were available for comparison.

"The company's improving financial picture reflects the completion of our stabilization efforts and the steps we're taking to build for future growth," according to CEO Gary Quinn in prepared remarks.

FALC shares were up just over 6% at $1.58 apiece in mid-afternoon trade, earlier climbing to an intra-day high of $1.65. The stock has a 52-week range of between 88 cents to $2.89 a share.

Volume today also has been higher than usual, with nearly 386,000 share changing hands during Friday trade, or more than three times its average volume of around 119,000 shares.

In other sector news,

(+) QBAK, Tops $2 a share for first time in four years after narrowing Q2 net loss by nearly 86% from last year, posting $0.02 per share loss. Revenue climbs 2.4% year over year to $3.44 mln. No analyst estimates were available for comparison.

(-) TRLA, Q4 EPS of $0.03 misses by $0.04 per share. Revenue jumps 141.4% year over year to $49.7 mln, edging Capital IQ consensus by $330,000. Guides Q1, FY14 revenue in-line with Street view looking for $53.1 mln, $245.22 mln, respectively.