Technology Sector Update for 03/23/2015: DSKY,CYBR,SOPW
Top Tech Stocks
Technology stocks were posting moderate gains Monday with shares of technology companies in the S&P 500 adding about 0.4%.
In company news, iDreamSky Technology Ltd ( DSKY ) rose Monday after the mobile game publisher swung to a Q4 profit as revenue nearly tripled compared with year-ago levels.
Net income during the three months ended Dec. 31 was $4.7 million (RMB29.1 mln), or $0.11 per share, reversing a RMB79.1 million net loss during the same quarter last year. Excluding one-time items, it earned $8.1 million, or $0.18 per share, improving on a RMB21.3 million loss last year but lagging the Capital IQ mean of two analysts by $0.05 per share.
Revenue also grew 190.6% year over year to $45.9 million (RMB328.4 million), but also missed the analyst average by around $6.77 million.
DSKY shares were ahead over 7% at $7.52 apiece in mid-day trade, easing from a session high of $8.10 a share earlier today. The stock has traded within a range of $6.64 to $25.95 a share since pricing its initial public offering of stock on Aug. 6, 2014, dropping almost 56% over the past 12 months entering today's trade.
In other sector news,
(+) CYBR, (+10.3%) Bank of America Merrill Lynch begins coverage with a Buy rating and a $60 price target.
(-) SOPW, (-4.3%) Signs agreement with Jingzhaolai PV Power to provide engineering, procurement and other development services for a 20-megawatt utility scale photovoltaic project in Inner Mongolia. Grid connection expected by June.
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