Technology

Technology Sector Update for 02/16/2017: EIGI,SCON,SYNT

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MSFT +0.15%

AAPL -0.15%

IBM -0.23%

CSCO +2.82%

GOOG +0.41%

Technology stocks were alone with utility stocks as the only industry sectors in the S&P 500 on positive ground on Thursday, with shares of tech companies in the S&P 500 rising about 0.1%.

In company news, Endurance International Group Holdings ( EIGI ) rose Thursday after the cloud-based enterprise platform company saw its Q4 revenue rise more than 50% compared with year-ago levels, exceeding analyst expectations, and forecast continued sales growth during FY17.

Revenue for the three months ended Dec. 31 rose 51.3% over the same quarter last year to $292.1 million to beat the $277.6 million Capital IQ consensus. But the company's net loss also continued to widen, expanding to $0.26 per share from a $0.07 per share loss last year and missing the Street view looking for a $0.25 per share loss.

Endurance today said it also is expecting revenue this year to rise between 4% to 5% over FY16, which translates into a range of $1.16 billion to $1.17 billion, edging out the $1.15 billion consensus call.

EIGI shares were up nearly 8% at $9.10 apiece, drifting lower from a $9.85-a-share session high soon after today's opening bell.

In other sector news,

(+) SCON, (+33.1%) Receives U.S. Patent No. 9,564,258 - Coated Conductor High Temperature Superconductor Carrying High Critical Current Under Magnetic Field By Intrinsic Pinning Centers - for its proprietary superconducting wire manufacturing method.

(-) SYNT, (-17.1%) Projected FY17 EPS of $1.75 to $2.00 trails $2.35 per share consensus. Also sees FY17 revenue between $900 mln to $945 mln, also lagging the $976.48 mln analyst mean.

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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