Technology

Technology Sector Update for 02/21/2017: SITO,TROX,DAKT

Top Tech Stocks

MSFT -0.20%

AAPL +0.71%

IBM -0.19%

CSCO +1.22%

GOOG +0.36%

Technology stocks trended higher today, with shares of tech companies in the S&P 500 increasing just over 0.5%.

In company news, SITO Mobile ( SITO ) shares dropped to a 13-month low Tuesday after Jerry Hug submitted his resignation as chief executive officer at the location-based mobile advertising software company.

SITO selected board member Richard O'Connell to fill in for Hug as interim CEO and the board said it also has begun its search for a permanent replacement. The company today also said its Q1 media placement revenue will show strong growth over year-ago levels based on its sales activity during the first six weeks of the quarter.

SITO shares were down over 6% at $2.15 apiece, earlier dropping to their lowest price since January 2016 at $1.97 a share.

In other sector news,

(+) TROX, Acquires TiO2 business from privately held Cristal for $1.67 bln in cash and a 24% equity stake in combined companies. Also reports non-GAAP Q4 net loss of $0.14 per share but still beating single-analyst estimate by $0.08. Revenue rises 2.4% to $548 mln, topping $503.09 mln lone-analyst call.

(-) DAKT, Fiscal Q3 net loss of $0.12 per share is $0.10 wider than Street view. Revenue slips 6.5% from last year to $115.7 mln, also lagging the $126.07 mln Capital IQ consensus.

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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