Technology Sector Update for 11/22/2017: NXTD,CLNT,IMTE,BBOX,PDFS

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Technology stocks were slightly lower today, with shares of tech companies in the S&P 500 dropping a little more than 0.2%.

In company news, NXT-ID ( NXTD ) Wednesday erased all of yesterday's steep loss, at one point today climbing more than 33% and reaching a session high of $1.47 a share after the cyber-security company's chief executive this morning reassured wary investors, explaining the recent decline for NXT-ID stock was "not indicative of the underlying value" of the company.

In prepared remarks, CEO Gino Pereira touted the company's long-term prospects, adding there has been no change to commentary in NXT-ID's most recent quarterly report and the accompanying conference call with analysts and investors.

He also cited a Nov. 9 direct stock offering generating $4 million in gross proceeds as a positive step for the company, explaining the new cache of cash is being used to "opportunistically" reduce its debt.

"While (the stock sale) resulted in some dilution, it better positions the company to refinance our existing debt facility, which we are actively pursuing," Pereira said. "We also have a number of significant business development opportunities we are pursuing in Q4 2017 and remain confident the company is poised for continued significant growth in 2018."

In other sector news,

(+) CLNT, (+109.0%) Late Tuesday announces conditional share-swap agreement to acquire Marvel's 51% equity investment in Integrated Media Technology ( IMTE ) in exchange for 19.5% of its outstanding stock and an $11.5 opportunistally interest-free promissory note.

(-) BBOX, (-10.2%) PDF Solutions ( PDFS ) selected to replace the company in the S&P SmallCap 600 index after ranking at the bottom of the index and no longer representing the small-cap market space.

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: NXTD , IMTE , PDFS , BBOX

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