Markets

Sector Update: Tech

Technology stocks were narrowly lower this afternoon with shares of technology companies in the S&P 500 slipping about 0.1%.

In company news, LRAD Corp ( LRAD ) rallied to a three-year high Friday after fiscal Q3 revenue nearly tripled for the audio technologies company over year-ago levels, helping reverse a year-ago net loss.

The company last night reported a 271% year over year jump in revenue to $8 million while net income for the three months ended June 30 was $0.06 per share, improving on a $0.03 per share net loss last year. Analyst estimates were not available for comparison.

LRAD shares were up nearly 17% at $2.28 apiece this afternoon, earlier rising to a session high of $2.46 a share and matching its best share price since July 2011.

In other sector news,

(+) WLDN, (+22.0%) Reports Q2 net income of $1.9 million, or $0.25 per share, up from $700,000 profit last year. Revenue rose 31.6% over year-ago levels to $27 mln, in-line with single analyst estimate. Also awarded $22.3 mln contract by Con Edison.

(-) UNXL, (-9.0%) Q2 net loss of $0.49 per share was $0.02 wider than the Capital IQ consensus. The company did not report any revenue during the April-to-June quarter compared with $749,000 in revenue last year.

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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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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