Technology

Technology Sector Update for 02/16/2016: CSIQ,SONS,GOGO,AAL

Top Tech Stocks

MSFT +0.67%

AAPL +2.30%

IBM +1.49%

CSCO +3.25%

GOOG +1.20%

Technology stocks were higher in afternoon trading, with shares of tech companies in the S&P 500 advancing around 1.3%.

In company news, Canadian Solar Inc. ( CSIQ ) rose Tuesday after the photovoltaic-panels company said it expects to report Q4 financial results exceeding its prior guidance as well as suspending a proposed at-the-market stock sale, citing market conditions.

The company said it now expects to have shipped between 1, 350 to 1,400 megawatts of solar modules during the final three months of 2015, up from its prior range expecting 1,300 to 1,350 megawatts.

It also sees Q4 revenue in a range of $1.02 billion to $1.07 billion, topping its prior guidance looking for $930 million to $980 million and beating the $951.2 mln Capital IQ consensus.

CSIQ shares were up almost 18% at $19.30 each, backing down from a session high of $19.48 a share.

In other sector news,

(+) SONS, (+26.0%) Q4 EPS of $0.23 per share beats Street view by $0.03 per share. Revenue falls 0.6% from last year to $76.3 mln but still tops the $73.9 mln consensus. Guides Q1 earnings, revenue above analyst consensus.

(-) GOGO, (-31.1%) Drops to record low after American Airlines ( AAL ) drops company for its supplier of in-flight Internet access. AAL generated nearly two-thirds of GOGO revenue in recent quarters.

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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