Technology

Technology Sector Update for 01/31/2017: AVID,NTCT,RMBS

Top Tech Stocks

MSFT -1.16%

AAPL -0.51%

IBM -1.20%

CSCO -0.62%

GOOG -0.97%

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

RMBS NTCT AVID

Other Topics

Commodities

Latest Technology Videos

    #TradeTalks: How Will the Role of the Chief Technology Officer Evolve on the Buy-Side?

    Siepe CEO Michael Pusateri joins Jill Malandrino on TradeTalks to discuss how the role of the Chief Technology Officer will evolve on the buy-side.

    Nov 19, 2020

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More