csiq

Tech Stocks Still Inching Higher; Canadian Solar's Q1 Revenue, Outlook Miss

Top Tech Stocks

MSFT -0.30%

AAPL +0.38%

IBM +0.01%

CSCO +0.29%

GOOG -0.50%

Technology stocks have turned slightly positive in late Friday trade with shares of technology companies in the S&P 500 about 0.2%.

In company news, Canadian Solar Inc. ( CSIQ ) slumped hard Friday, also dragging several other solar-energy stock lower, after its Q1 per-share earnings lagged Wall Street expectations and its Q2 outlook also trailed analyst estimates.

CSIQ today reported Q1 net income of $0.07 per share, or $0.01 below the Capital IQ consensus. Revenue rose 76.9% year over year to $466.3 million, beating estimates by around $35.24 million.

Looking forward, the company sees revenue during the current quarter in a range of $560 million to $590 million, lagging the Street view by at least $42.55 million. It also reaffirmed its FY14 guidance, projecting between $2.7 billion to $2.9 billion in revenue during the 12 months ending in December, in-line with the $2.88 billion consensus.

CSIQ shares were down slightly over 12% late in Friday's afternoon session at $22.25 apiece, earlier sinking to a session low of $22.02 a share. The stock has a 52-week range of $7.00 to $44.50 a share, more than tripling in value over the past 12 months with a 215.3% advance.

Among some of the other solar energy stocks also trading lower today were JinkoSolar Holding Co., Ltd. ( JKS ), down 6.1%; Yingli Green Energy Holding Co. Ltd. ( YGE ), slipping 2.8%; Trina Solar Ltd ( TSL ), off 2.3%; and SunPower Corp ( SPWR ), falling about 1.1%.

In other sector news,

(+) OVRL, Agrees to $81.1 mln buyout offer by Sphere 3D (SPIHF), with OVRL sharesholders receiving 0.510594 of a SPIHL share for each share they now own, an implied value of $4.43 per OVRL share - a 48% premium over its closing price Thursday.

(-) SMT, Sees FY15 financial performance trailing FY14. Fiscal Q4 revenue grows 18% to $108.7 mln but lags analyst estimates by around $9.1 mln. Net loss of $0.05 per share is $0.01 smaller than the Capital IQ consensus.

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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