Top Technology Stocks
Major technology stocks were mostly higher, but the sector clung to losses with the S&P 500 slipping 1.2% just before the closing bell on Thursday.
In company news, Methode Electronics ( MEI ) fell more than 21% after it reported fiscal Q2 adjusted earnings of $0.75 per share, up slightly from $0.74 per share in the prior year period and higher than the $0.67 per share Street estimate provided by Capital IQ. Net sales for the quarter ended Oct. 27 were $264 million, up from $230.1 million reported for the same period last year but lower than the $269.6 million Street estimate. Methode said that for fiscal 2019, the company now expects earnings of $2.02 to $2.33 per share on sales of $1 billion to $1.04 billion, compared with a previous outlook of $2.81 to $2.96 per share on sales of $950 million to $970 million.
In other sector news,
(+) Okta ( OKTA ) Anticipates fiscal Q4 non-GAAP net loss per share of $0.09 to $0.08, and revenue of $107 to $108 million. Wall Street was looking for a net loss per share of $0.11, and revenue of $99.9 million. The company reported non-GAAP net loss shrank to $0.04 per share, in the three months ended Oct. 31, from a net loss of $0.19 per share, in the year-ago period. The average estimate of analysts surveyed by Capital IQ was for a net loss of $0.11 per share. Fiscal Q3 revenue grew 58% to $105.6 million year-over-year, surpassing the analyst consensus of $96.9 million. For FY19, the company said it now anticipates non-GAAP net loss per share of $0.37 to $0.36, and revenue of $391 to $392 million. Wall Street was looking for a loss of $0.47 per share on revenue of $375.1 million.
(-) Momo ( MOMO ) Reports Q3 adjusted net income of $0.53 per American depositary share, up from $0.45 per ADS in the prior year period. Net revenues were $536 million, up from $354.5 million reported for the same period last year. Analysts surveyed by CapIQ forecast earnings of $0.53 on revenue of $535.3 million. For Q4, the company expects revenues of RMB3.66 billion to RMB3.76 billion.