Technology Sector Update for 09/22/2017: RVLT,MB,FALC

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Technology stocks were little changed in late trade, with shares of tech companies in the S&P 500 climbing about 0.1%, reversing a narrow decline earlier today.

In company news, Revolution Lighting Technologies ( RVLT ) retreated Friday, with shares of the light-emitting diode technology company still retaining most of a nearly 23% decline earlier today to a session low of $5.87 each, after it pared its Q3 revenue forecast after flooding and other damage from recent hurricanes in Texas and the southeastern United States forced customers to delay several large projects for the company's Energy Source division.

The company is now expecting revenue for the three months ending Sept. 30 in a range of $42 million to $44 million, down from its prior forecast looking for between $52 million to $55 million in Q3 revenue and trailing the two-analyst call expecting $51.8 million in revenue for the current quarter.

The company also revised its FY17 outlook and is now projecting between $180 million to $185 million in revenue during the 12 months ending Dec. 31, down from its prior guidance looking for revenue in a range of $195 million to $205 million and also coming up short of the $237.6 million two-analyst mean estimate.

In other sector news,

(+) MB, Raised to Overweight from Sector Weight at KeyBanc Capital Markets.

(-) FALC, Reports its stock will be delisted from the Nasdaq stock market and transfer to the OTCQB over-the-counter market prior to the start of Monday's regular session after failing to comply with listing standards for its minimum bid price and market value.

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: RVLT , FALC

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