Technology Sector Update for 05/12/2017: MITL,TTD,UNXL

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Technology stocks regained their positive momentum late in Friday's session, with shares of tech companies in the S&P 500 shaking off a mid-afternoon decline to climb about 0.2% in late trade.

In company news, Mitel Networks ( MITL ) rose Friday, staying within a few pennies of its session high today of $6.58 a share after the mobile networking equipment company late yesterday signed a memorandum of understanding to acquire certain assets, inventory and support obligations from Toshiba in a transaction expected to immediately add to Mitel earnings.

The transaction is expected to significantly expand Mitel's customer base as well as its market share in cloud communications. Mitel also said the deal will immediately accretive after closing but did not provide any financial details of the purchase.

In other sector news,

(+) TTD, Adjusted Q1 EPS of $0.18 beats Street view looking for a break-even quarter. Revenue rises 75.7% over year-ago levels to $53.4 mln, easily exceeding $43.3 mln consensus. Q2 revenue tops analyst mean. Raises FY17 revenue guidance above consensus.

(-) UNXL, Q1 net loss of $0.15 per share is $0.04 wider than the two-analyst estimate expecting a $0.11 per share loss. Revenue climbs 44.4% over year-ago period to $1.3 mln, trailing the $1.81 mln consensus.

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: TTD ,

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