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Technology Sector Update for 05/03/2017: LOV,FSLR,TWLO

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MSFT -0.54%

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Technology stocks continue to edge lower today, with shares of tech companies in the S&P 500 retreating about 0.3%.

In company news, Spark Networks ( LOV ) shares climbed as much as 34% on Wednesday after the online networks company last night agreed to merge with Affinitas, which operates the EliteSingles dating platform, in a stock-for-stock swap.

EliteSingles shareholders will own nearly 75% of the combined company, which will be renamed Spark Networks SE and organized in Europe, although its shares will continue to trade on the New York Stock Exchange through an American depository receipts.

In other sector news,

(+) FSLR, Reports surprise adjusted Q1 EPS of $0.25 easily tops Street view expecting a $0.15 per share non-GAAP net loss. Revenue climbs 5.2% over year-ago levels to $892 mln, also exceeding the $669.71 mln consensus. Guides FY17 net income, revenue above Street views.

(-) TWLO, Guides Q2, FY17 financial results below Street estimates. Non-GAAP Q1 net loss of $0.04 per share beats analyst consensus by $0.03 per share. Revenue rose 47.4% year over year to $87.4 mln, also exceeding $83.51 mln consensus.

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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