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Technology Sector Update for 04/02/2015: SEAC,TCPI,ELTK

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Technology stocks were slightly higher this afternoon with shares of technology companies in the S&P 500 rising 0.2%.

In company news, SeaChange International ( SEAC ) fell hard Thursday after the video display software company today forecast a significantly larger adjusted net loss during the current quarter than analysts were expecting, also providing Q1 revenue guidance lagging the consensus view.

The company is projecting a Q1 non-GAAP net loss of $0.19 to $0.25 per share on between $22 million to $24 million in revenue. Analysts, on average, are instead expecting just a $0.02 per share net loss on around $31.29 million in revenue during the three months ending in April.

Net loss during the three months ended Jan. 31 grew to $5.3 million, or $0.16 per share, from a $900,000 GAAP loss during the same quarter last year. Excluding $3.6 million in non-GAAP charges, the company earned $0.05 per share, matching the Capital IQ consensus.

Revenue declined 12.2% year over year to $31.28 million, narrowly missing estimates by around $200,000.

SEAC shares were down over 13% in late trade at $6.96 each, earlier sinking as low as $6.59 a share. The stock has traded within a 52-week range of $5.30 to $10.89 a share, already retreating 23% over the past 12 months before today's slump.

In other sector news,

(+) TCPI, Expects to file 10-K annual report for the 12 months ended Dec. 31 on or before April 15. Also said product validation review was nearly complete, adding all of its products have been UL certified.

(-) ELTK, Narrows Q4 net loss to $1.8 mln, or $0.18 per share, from $2.8 mln during year-ago period. Revenue slips 16.5% to $10.6 mln. No analyst estimates were available for comparison.

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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