Markets
S

Sector Update: Tech

A generic image of a pen and on top of a chart.
Credit: Shutterstock photo

Technology stocks were narrowly higher with shares of technology companies in the S&P 500 adding about 0.1%.

In company news, Sprint ( S ) dropped to a two-year low Tuesday after the telecom and mobile services provider reported a wider Q3 net loss than analysts were expecting and cut its FY14 forecast, also announcing plans to slash 2,000 jobs.

The downbeat results and outlook also prompted analysts at Goldman Sachs to reduce their price target for the stock by 75 cents to $5 a share. The research shop kept its Neutral rating in place.

The wireless carrier posted a net loss of $765,000, or $0.19 per share, expanding on a $699,000 net loss during the same quarter last year and considerably wider than the Capital IQ consensus looking a $0.06 per share net loss.

Net operating revenue rose 9.5% to $8.49 billion, trailing analyst estimates by around $140 million.

S shares were down over 17% in late trade at $5.14 a share, earlier falling under $5 a share for the first time since July 2012 at $4.86 a share.

In other sector news,

(+) ININ, Reports surprise Q3 profit, posting adjusted net income of $0.01 per share and beating the Street view by $0.20. Revenue climbs 14.7% year over year to $89.5 mln, topping estimates by $5.25 mln. Total order rose 46%.

(-) BRDR, Narrows Q3 net loss from year-ago levels to $900,000, or $0.03 per share, compared with $2.0 mln net loss last year but still trailing estimates looking for $0.02 per share profit. Revenue advanced 35% year over year to $31.3 mln.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

S

Other Topics

Commodities