Sector Update: Tech Stocks Back Near Break-Even Mark; EarthLink Rallies After Reporting Smaller Q3 Net Loss
Top Tech Stocks
Technology stocks were narrowly lower, with shares of technology companies in the S&P 500 slipping about 0.1%.
In company news, EarthLink Holdings Corp. ( ELNK ) surged Tuesday after the data services and Internet access company reported a smaller Q3 net loss than analysts were expecting and revenue also topped the Wall Street consensus despite a small dip compared with year-ago levels.
The company last night reported a $2.0 million net loss, or $0.02 per share, during the three months ended Sept. 30, improving on a $11.3 million net loss during the same quarter last year and beating the Capital IQ consensus by $0.15 per share.
Revenue declined 3.5% year over year to $297.7 million, but topped estimates by around $6.05 million. Business Services revenue fell 1.5% from year-ago levels to $240.6 million, paring the 3.7% year-over-year decline reported during the previous quarter.
Its consumer services segment saw a 10.7% decline compared with last year to $60.7 million.
ELNK shares were ahead more than 15% at $4.05 each, earlier climbing to a session high of $4.11 a share. The stock has traded within a 52-week range of $2.95 to $5.62 a share, sliding more than 28% over the past 12 months through Monday's close.
In other sector news,
(+) ININ, (+11.1%) 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, (-33.9%) 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.
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