Markets

Technology Sector Update for 03/23/2015: DSKY,CYBR,SOPW

Top Tech Stocks

MSFT +0.27%

AAPL +1.27%

IBM +1.09%

CSCO +0.55%

GOOG -0.02%

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.

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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