Technology Sector Update for 05/31/2016: BOSC, SQI, AMSC

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Technology stocks were holding on to the smallest of gains this afternoon, with shares of tech companies in the S&P 500 rising less than 0.1%.

In company news, B.O.S. Better Online Solutions ( BOSC ) raced to a two-year high on Tuesday after the Israeli provider of radio frequency identification and mobile tools company recorded a Q1 profit following a 38% jump in revenue compared with year-ago levels.

Net income for the three months ended March 31 was $220,000, or $0.09 per share, improving on a $23,000 net loss, or $0.01 per share, during the same quarter last year. Excluding one-time items, the company earned $314,000, up from an adjusted Q1 profit last year of $33,000.

Revenue increased to $8.07 million from $5.83 million last year. No analyst estimates were available for comparison.

BOSC shares have more than doubled today, recently climbing over 90% to $4.14 a share, previously topping out at their highest price since March 2014 at $4.85% a share.

In other sector news,

(+) SQI, Accepts $509 mln buyout offer from Accel-KKR, with the mid-market technology investor paying $17.75 in cash for each SQI share, a nearly 34% premium over Friday's closing price.

(-) AMSC, Sees fiscal Q1 adjusted net loss of no more than $0.90 per share compared with Street view looking for a $0.51 per share loss. Also projects $12 mln to $14 mln in revenue, lagging the $20.72 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: BOSC , AMSC

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