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HPE

Technology Sector Update for 03/07/2017: MLNK,NMBL,HPE,ALOG

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Top Tech Stocks

MSFT +0.27%

AAPL +0.29%

IBM +0.10%

CSCO -0.03%

GOOG +0.47%

Technology stocks continued to build on small gains from earlier in Tuesday trading, with shares of tech companies in the S&P 500 climbing just under 0.2% today.

In company news, ModusLink Global Solutions ( MLNK ) rallied Tuesday after the supply chain and logistics data company reported a much narrower fiscal Q2 net loss compared with year-ago levels despite a year-over-year drop in revenue largely linked to decreases for selected consumer electronics retailers during the quarter.

The company recorded a net loss of $0.05 per share during the three months ended Dec. 31, narrowing a $0.27 per share net loss during the final three months of 2015. Revenue declined 2% from year-ago levels to $117.6 million. No analyst estimates were available for comparison.

MLNK shares were up just under 22% this afternoon at $1.72 each after earlier topping out today at $1.81 a share.

In other sector news,

(+) NMBL, (+45.4%) Agrees to $1 bln buyout offer from Hewlett Packard Enterprise ( HPE ), which will pay $12.50 per share in cash for each Nimble share. NMBL also reports Q4 net loss of $0.12 per share, $0.02 smaller than Street view. Revenue rises 29.9% to $117.03, also topping the $113.51 mln consensus.

(-) ALOG, (-9.1%) Discloses plans to restructure Ultrasound business, consolidating Vancouver, B.C., operations with those in Denmark and Peabody, Mass. Expects to cut 130 jobs by end of FY17. Sees FY18 revenue falling in low single-digits compared with this year. Fiscal Q2 RPD, sales top analyst means.

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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