Top Tech Stocks
Technology stocks were moderately higher today, with shares of tech companies in the S&P 500 holding on to a 0.3% advance in afternoon trading.
In company news, Model N ( MODN ) was higher Tuesday after the revenue-management software firm last night reported fiscal Q1 financial results exceeding analyst projections and forecast above-consensus revenue for the current quarter and the rest of the year in addition to calling for a narrower-than-expected FY17 net loss.
Excluding one-time items, the company recorded a net loss of $0.15 per share during the three months ended Dec. 31, coming in $0.02 per share under the Street view expecting a $0.17 per share adjusted loss. Revenue rose 14.7% over year-ago levels to $28.1 million, also beating the $27.3 million consensus.
For Q1, Model N is expecting an adjusted net loss of $0.28 to $0.26 per share on between $33.5 million to $34.0 million in revenue. That compares with the Street modeling a $0.21 per share net loss on $29.82 million in revenue during the three months ending in late March.
The company also sees an adjusted FY17 net loss of $0.66 to $0.69 per share while analysts are expecting a $0.74 per share adjusted net loss. Revenue this year is seen in a range of $130 million to $134 million compared with the $120.41 million Capital IQ consensus.
MODN shares were up over 5% at $9.70 each this afternoon, backing down from a prior advance to a session high of $10.90 a share.
In other sector news,
(+) CTS, (+9.2%) Adjusted Q4 EPS of $0.29 exceeds Capital IQ consensus by $0.05 per share. Revenue climbs 8.9% over last year to $101.6 mln, exceeding the $102.03 mln Street view. Projected FY17 EPS of $1.12 to $1.22 beats analyst mean by up to $0.10 per share.
(-) SABR, (-10.9%) Non-GAAP Q4 EPS of $0.27 lags Street by $0.04 per share. Revenue rises 9.4% to $829.6 mln, roughly in-line with the $828.5 mln consensus. FY17 earnings guidance misses by at least $0.15 per share.