Tech Sector Moderately Higher Late; Crossroads Systems Narrows Q2 Net Loss, Overcoming Revenue Decline
Top Tech Stocks
Technology stocks were rising this afternoon with shares of technology companies in the S&P 500 advancing about 0.4%.
In company news, Crossroads Systems Inc. ( CRDS ) was higher in late Friday trade after the data-archiving company narrowed its fiscal Q2 net loss compared to year-ago levels.
The company reported a net loss available to common stockholders of $1.8 million, or $0.14 per share, during the three months ended April 30, improving on a $4.8 million net loss last year. No analyst estimates were available for comparison.
Revenue fell 16% year over year to $2.3 million, with the company blaming the decline largely due to a drop in the company's OEM SPHiNX business as well as declining revenue from an intellectual property licensee.
CRDS shares recently were up 7.1% at $2.55 apiece, earlier advancing to a session high of $2.74 a share. The stock has a 52-week range of 69 cents to $3.45 a share, climbing nearly 27% over the past 12 months.
In other sector news,
(+) ANET, Jumps sharply in its market debut after pricing its initial public offering of 5.25 million shares at $43 apiece, breezing past its expected price range of $36 to $40 per share and generating $225.75 million in gross proceeds.
(-) RALY, Q1 revenue rises 21.2% year over year to $19.4 mln, missing analyst estimates by $200,000, although $0.27 per share net loss beats by $0.23. FY15 revenue forecast of $87 mln to $90 mln lags Street view by at least $2.28 mln.
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