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

Shutterstock photo

Top Tech Stocks

MSFT +2.80%

AAPL +3.85%

IBM +2.49%

CSCO +2.18%

GOOG +2.25%

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.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Technology , Commodities
Referenced Symbols: WDAY ,

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities

Research Brokers before you trade

Want to trade FX?