Technology Sector Update for 02/22/2017: GRMN,INAP,SREV

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Technology stocks were holding on for a slim gain. with shares of tech companies in the S&P 500 adding about 0.1% in value today.

In company news, Garmin Ltd. ( GRMN ) advanced Wednesday after the manufacturer of GPS-enabled products reported above-consensus Q4 earnings and revenues and also issued upbeat revenue guidance.

Excluding one-time items, the company earned $0.73 per share during the October-to-December period, beating the Capital IQ consensus by $0.15 per share. Revenue rose 10.2% over year-ago levels to $860.8 million, also beating the $794.75 million consensus.

Looking forward to the 12 months ending Dec. 31, the company is projecting FY17 per-share earnings of $2.65 on $3.02 billion in revenue. Analysts, on average, are expecting a $2.65 per share profit this year on $2.97 billion in revenue.

Separately, Garmin today also said BMW AG, the German car-maker, has selected the company as a tier-one supplier of infotainment computing modules for future BMW models. The company will be slow expanding its original equipment manufacturing capabilities and capacity in order to reach BMW production requirements.

GRMN shares were up more than 7% at $54.12 apiece, backing down from a prior 10.4% rise to a session high of $55.74 a share.

In other sector news,

(+) INAP, Projects FY16 revenue in a range of $297 mln to $300 mln, straddling the $297.62 mln consensus. Also sees FY17 revenue between $275 mln to $285 mln vs. $286.4 mln consensus. Prices $43.1 private placement of 23.8 mln shares at $1.81 each, matching Tuesday's closing price.

(-) SREV, Q4 revenue climbs 5.7% to $68.7 mln but lags the $70.03 mln two-analyst mean. EPS of $0.02 matches Capital IQ consensus. Guides Q1, FY17 revenue under the two-analyst estimates. Northland Capital downgrade to Market Perform from Outperform.

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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