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Technology Sector Update for 03/01/2016: TUBE,WDAY,OPWR


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Technology stocks were broadly higher, with shares of tech companies in the S&P 500 soaring to a 2.3% gain.

In company news, TubeMogul ( TUBE ) shares declined Tuesday, quickly giving back an earlier advance that followed the digital branding company last night reporting a smaller Q4 net loss than analysts were expecting and exceeded the Street view with its net sales during the October-to-December period.

The company recorded a net loss of $1.5 million, or $0.04 per share, during the three months ended Dec. 31, improving on a $4.0 million and $0.14 per share net loss during the same quarter last year and also coming in considerably smaller than the $0.14 per share loss analysts were expecting.

Net sales rose 62% over year-ago levels to $58.5 million, also beating the Capital IQ consensus looking for $52.19 million.

For the current quarter ending later this month, TubeMogul is expecting Q1 sales in a range of $40 million to $42 million, in line with estimates looking for $40.81 million this quarter.

Looking forward to the entire year, the company is projecting FY16 sales of between $220 million to $228 million, exceeding the Street view expecting $216.9 million this year.

TUBE shares were down more than 6% this afternoon at $12.01 each after climbing nearly 4% to a session high of $13.31 soon after the opening bell before turning south within the first 10 minutes of today's trading.

In other sector news,

(+) WDAY, (+9.5%) Q4 net loss of $0.01 per share, beating expectations for $0.05 per share loss. Revenue rise to $323.4 mln, topping $319 mln consensus. JPMorgan upgrade to Overweight with $85 price target. FBR Capital trims price target by $10 to $80 a share.

(-) OPWR, (-22.0%) Q4 net loss unchanged from last year at $0.14 per share and matching analyst expectations. Revenue rises 16% year over year to $40.5 mln, narrowly beating Street's view looking for $40 mln. Wunderlich trims price target by $7 to $9 a share.

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: WDAY ,



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