Technology Sector Update for 08/31/2017: CIEN, UNXL, SMTC

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Technology stocks were rising Thursday, with shares of tech companies in the S&P 500 recently adding around 0.4% in extra value.

In company news, Ciena Corp ( CIEN ) retreated Thursday, dropping to a session low of $21.35 a share after the networking technology company this morning forecast revenue for the current quarter ending in late October trailing Wall Street expectations, upstaging better-than-expected fiscal Q3 net income and revenue.

Excluding one-time items, the company earned $0.51 per share during the three months ended July 31, improving on a $0.42 per share profit during the same quarter last year and beating the Capital IQ consensus by $0.02 per share. Revenue rose to $728.7 from $707 million, also topping the $726.7 million Street view.

But looking to its fiscal Q4, Ciena is expecting revenue in a range of $720 million to $750 million, lagging the analyst mean of $770.3 million.

In other sector news,

(+) UNXL, (+22.5%) Said the Delaware Chancery Court earlier this week entered a partial final judgment against the company and in favor of former executives Reed Killion and Jeffrey Tomz, determining Uni-Pixel owed them $1.4 mln to reimburse their legal expenses.

(-) SMTC, (-4.4%) Q2 revenue rises to $153.1 mln from $143.8 mln during the same quarter last year but still trails the $154.9 mln analyst mean. Non-GAAP EPS of $0.48 beats Street view by $0.02 per 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: CIEN , SMTC

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