Markets

Sector Update: Technology

Technology stocks pared some of their earlier gains this afternoon with shares of technology companies in the S&P 500 posting a 0.2% gain in late trade.

In company news, shares of TIBCO Software Inc. ( TIBX ) sank to a three-year low Wednesday after the company guided per-share earnings and revenue for its current quarter trailing analyst estimates.

Excluding one-time items, TIBX is projecting EPS $0.12 to $0.13, lagging the Street view by $0.08 per; share. It sees revenue in a range of $250 million to $252 million, also trailing the Capital IQ consensus by around $15.5 million.

Following the downbeat forecast, analysts at JMP Securities and Stifel Nicolaus downgraded TIBX shares, with Stifel dropping the stock to a Hold from Buy.

TIBX shares were down 6.6% at $19.42 apiece shortly before the closing bell, earlier declining to their worst levels since October 2010 at $18.20 a share.

In other sector news,

(+) DRWI, Boosts Q1 revenue outlook, forecasting 60% growth in Q1 revenue over Q4 levels, up from 50% in its prior guidance and equating to around $28.6 mln, topping the Capital IQ consensus by around $1.7 mln.

(-) FCEL, Q2 net loss more than doubles compared with year-ago levels to $15.8 mln, of $0.07 per share. Excluding items, it lost $0.04 per share, or $0.01 above estimates. Revenue declines 9.7% to $38.3 mln, trailing Street view by $6.88 mln.

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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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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