Markets

Sector Update: Tech

Technology stocks were higher this afternoon with shares of technology companies in the S&P 500 rising about 0.8%.

In company news, King Digital Entertainment ( KING ) tumbled to a fresh, post-IPO low Wednesday after lowering its FY14 outlook, with bookings for the current quarter now seen declining sequentially from Q2 levels before rising again in Q4.

KING shares recently were down about 22.5% at $14.10, earlier falling to low of $13.65 a share. Since pricing its initial public offering in late March, the stock has fallen about 19.1% through last night's close.

The mobile digital games manufacturer last night said it expects Q3 gross bookings to fall around $500 million to $525 million while FY14 gross bookings are seen in a range of $2.25 billion to $2.35 billion.

Q2 sales also trailed analyst projections by around $14.35 million, coming in at $594 million. Adjusted per-share earning matched the Thomson Reuters mean expecting EPS of $0.59 per share.

The company approved a special dividend of $0.469 per share, with the $150 million payout to shareholders of record on Sept. 30. All executive officers, founders and affiliated funds also agreed to new lockup provisions until the company reports its Q4 and FY14 results early next year.

In other sector news,

(+) CSIQ, (+19.7%) Earns $55.8 million, or $0.95 per share, during Q2, reversing year-ago $12.6 million net loss last year. Adjusted EPS of $0.56 beats by $0.37 per share. Revenue jumped 64% to $623.8 mln, topping estimates by $46.15 mln.

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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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