Technology

Technology Sector Update for 02/14/2017: GILT,COYN,UNXL

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Technology stocks were slightly higher in late-day trading, with shares of tech companies in the S&P 500 recently climbing about 0.2%.

In company news, Gilat Satellite ( GILT ) shares tumbled Tuesday after the satellite networking company today said its non-GAAP Q4 net income declined during the October-to-December period despite a hefty increase in revenue compared with year-ago levels.

Excluding one-time items, net income fell to $0.13 per share during the three months ended Dec. 31 from a $0.16 per share adjusted profit during the same quarter last year. Revenue rose 19% year-over-year to $80.3 million. No analyst estimates were available for comparison.

GILT shares were down almost 17% at $5.06 apiece, recovering slightly from a session low of $4.97 a share earlier today.

In other sector news,

(+) COYN, Affirms "positive" FY17 outlook, building on record FY16 sales bookings and strong bookings so far this year and the company's sales strategy of collaborating with law enforcement and school subject matter experts.

(-) UNXL, Begins public offering of a yet-to-be-determined number of common shares and warrants to purchase additional shares. Net proceeds will fund general corporate activities, capital costs and for working capital.

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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