Markets

Sector Update: Technology

Technology stocks are narrowly higher, with shares of technology companies in the S&P 500 rising about 0.1%.

In company news, TTM Technologies Inc. ( TTMI ) is down nearly 10% this afternoon after the printed circuit board manufacturer reported Q3 non-GAAP net income attributable to stockholders of $0.14 per share, down from a $0.21 per share profit during the same quarter last year and trailing Wall Street expectations by $0.03 per share.

Revenue was little changed from the year-ago quarter at $338.7 million, also lagging the Thomson Reuters consensus by around $8.31 mln.

TTMI also issued downside guidance for Q4, estimating revenue in a range of $350 million to $370 million with non-GAAP earnings attributable to stockholders in a range of $0.18 to $0.24 per share. The Street is looking for non-GAAP net income of $0.26 per share on $386.77 million in revenue.

The company last night also said CEO Kenton Alder will retire, effective Jan. 1, and will be replaced by Thomas Edman, currently company president at TTMI.

Alder has been chief executive of the company since launching in 1998 and will work as a special advisor to the CEO for 12 months after stepping down from the post. He also will keep his seat on the TTMI board of directors.

In other sector news,

(+) PFPT, (+16.2%) Q3 net loss of $0.07 per share, ex items, beats by $0.01. Revenue climbs 27.3% year over year to $34.5 mln, topping consensus view by $1.68 mln. Sees Q4 net loss of $0.14 to $0.11 per share on $35 mln to $36 mln in revenue, in-line with estimates.

(-) OTEX, (-3.9%) Fiscal Q1 revenue declines 0.5% year over year to $324.5 mln, missing consensus call by $10.86 mln. Net income of $1.37 per share, ex items, beats by $0.07.

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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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