Technology Sector Update for 02/15/2017: VDSI,IOTS,COYN
Top Tech Stocks
Technology stocks were edging higher in afternoon trade, with shares of tech companies in the S&P 500 posting a 0.2% gain.
In company news, VASCO Data Security International ( VDSI ) slumped Wednesday after the transaction authentication and security company forecast FY17 revenue trailing the three-analyst consensus and upstaging better-than-expected Q4 results.
Excluding one-time items, VASCO Data earned $0.16 per share during its October-to-December quarter, exceeding the analyst mean expecting $0.10 per share. Revenue fell 6.5% from year-ago levels to $47.6 million, also topping the $46.63 million Street call.
But for the 12 months ending in December, the company is projecting FY17 revenue in a range of $180 million to $190 million, missing the two-analyst consensus by at least $10.4 million.
VDSI shares were down over 12% at $13.73 apiece in recent trade, maintaining a small gap above today's session low of $13.57 a share.
In other sector news,
(+) IOTS, (+16.5%) 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, (-32.4%) 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.
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