Sector Update: Technology

Technology stocks were broadly lower in mid-day trading, with shares of technology companies in the S&P 500 down more than 0.9% this afternoon.

In company news, Commvault Systems ( CVLT ) was getting slammed in Friday's market, with shares of the data-management software company plunging nearly 30% and hitting a new 52-week low after fiscal Q4 profit fell compared to year-ago levels and quarterly revenue lagged Wall Street expectations for the period.

Revenue at the company during the three months ended March 31 rose 13.4% over the same quarter in 2013 to $156.8 million, trailing the Capital IQ consensus by around $3.36 million, or slightly more than 2%.

Net income was $15.7 million, or $0.32 per share, down from a $17 million gain last year. Excluding income-tax adjustments, stock-based executive compensation and other items, per-share earnings climbed to $0.52 from $0.41 per share last year and topping analyst estimates by $0.05 per share.

Chief executive N. Robert Hammer acknowledged CVLT produced "mixed results" during the quarter, continuing to successfully build out its cloud-based business and its operations in Europe, Asia and the Middle East generating strong results. But North and South American sales disappointed, he said, reducing license revenue growth during the quarter.

"The results in the America's were surprising given our large enterprise deal funnel and good outlook for the quarter as of our prior earnings call," Hammer said.

CVLT shares were down 29% at $48.70 apiece in recent trade, earlier sliding to their lowest price since late July 2012 at $47.50 a share. The stock is now down nearly 35% over the past 12 months.

In other sector news,

(+) LSCC, (+5.8%) Q1 earnings of $0.10 per share top Capital IQ consensus by $0.04. Revenue rises 35.7% to $96.6 mln, beating estimates by $7.1 mln. Q2 revenue forecast of $96.6 mln to 100.5 mln tops Street view by at least $5.45 mln.

(-) CAMP, (-25.0%) Adjusted Q4 earnings of $0.20 per share miss by $0.02. Revenue climbs 23.7% to $59.8 mln, trailing Capital IQ consensus by $1.7 mln. Projected Q1 EPS, revenue lag Street by at least $0.02 per share and $4.4 mln, respectively.

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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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