Top Tech Stocks
Technology stocks declined again as worries over the potential impact of new U.S. immigration rules continued to weigh on an industry with a large number of foreign-born employees. At last look, shares of tech companies in the S&P 500 were down over 0.8%.
In company news, investors were clamoring for Avid Technology ( AVID ) on Tuesday, with shares of the cyber-security company today rising to a 14-month high after it announced a new partnership with long-time channel partner Beijing Jetsen Technology.
Through the new venture, Jensen becomes the exclusive distributor of Avid products throughout much of the Chinese region and also will become a minority shareholder in the company through an $18.1 million private placement priced at current market levels. Avid estimates the contract will produce more than $75 million in sales over its initial three-year term.
AVID shares were up almost 14% at $5.75 each this afternoon, easing slightly from a session high of $5.85 a share.
In other sector news,
(+) NTCT, (+5.1%) Adjusted Q3 EPS of $0.60 tops Capital IQ consensus by $0.04 per share. Revenue falls 1.8% to $302.2 mln, roughly in-line with the $310.81 mln Street view. Lowers top end of FY17 earnings outlook and trims revenue guidance but remains in-line with analyst means.
(-) RMBS, (-7.3%) Adjusted Q4 EPS matches expectations while revenue rises 27.1% to $97.6 mln, beating consensus call by $1.6 mln. Sees Q1 EPS of $0.13 to $0.17 on between $93 mln to $98 mln in revenue. The Street is expecting a $0.15 per share profit on $96 mln in revenue.
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