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