Technology

Technology Sector Update for 02/15/2017: CALX,IOTS,COYN

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Technology stocks were slightly higher in late-afternoon trading, with shares of tech companies in the S&P 500 posting a nearly 0.4% gain.

In company news, Calix ( CALX ) declined Wednesday after the broadband networking access company late yesterday reported a significantly larger Q4 net loss than Wall Street was expecting and also offered up a below-consensus earnings outlook for its current quarter.

Excluding one-time items, Calix recorded a $0.14 per share net loss during the three months ended Dec. 31, missing the Capital IQ consensus looking for a $0.01 per share adjusted Q4 net loss. Revenue rose 25.5% over year-ago levels to $131.8 million, exceeding the $129.35 mln consensus.

For the three month ending March 31, the company is projecting an adjusted net loss of $0.57 to $0.49 per share, missing the Street view expecting a $0.07-per-share non-GAAP net loss by a sizable margin. It also sees revenue in a range of $110 million to $114 million compared with the analyst mean expecting $110.70 million.

CALX shares were down over 10% in late trade at $6.85 apiece, drifting 5 cents off their session high and recovering somewhat from a 19.6% drop to $6.15 a share earlier today.

In other sector news,

(+) IOTS, Non-GAAP Q4 net loss of $0.04 per share was $0.09 smaller than the analyst mean. Revenue grows 4.2% over year-ago levels to $12.33 mln, also edging out the $12.2 mln consensus.

(-) COYN, Plans $1.1 mln public offering of 1.96 mln common shares at 57 cents apiece along with a concurrent offering of an equal number of five-year warrants exercisable at 46 cents a share. Net proceeds will be used to expand sales and marketing activities and for product development.

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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