Markets

Sector Update: Tech Stocks Flat in Late Trade; Ubiquiti Networks Slides After Weak Q3 Results

Top Tech Stocks

MSFT -0.27%

AAPL +0.20%

IBM +0.25%

CSCO +0.16%

GOOG -0.25%

Shares of tech stocks in the S&P 500 were finishing Friday trade little changed.

In company news, Ubiquiti Networks ( UBNT ) was finishing with a steep decline Friday after the mobile networking company reported fiscal Q1 results that fell below analyst expectations and its Q2 guidance also disappointed.

The company last night posted non-GAAP net income of $0.48 per share, trailing the Capital IQ consensus by $0.05 per share. Revenue climbed year over year to $150.1 million, missing the Street view by $9.9 million.

For Q2, the company is projecting revenue in a range of $147 million to $153 million, lagging estimates by at least $9 million. It sees per-share earning of between $0.46 to $0.49, or at least $0.06 per share under the analyst consensus.

UBNT shares were off more than 16% at $28.84 heading into today's close, earlier falling to a 15-month low at $28.00 a share.

In other sector news,

(+) CNET, Announces initiative to take advantage of expected service-sector redevelopment projects in China's Fuijan province, increasing its local presence as added value of non-manufacturing activity reaches 1 trillion RMB in 2015.

(-) GUID, Cut to Hold from Buy at Gabelli & Co.

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.

Other Topics

Commodities