Top Tech Stocks
Technology stocks were narrowly lower today, with shares of tech companies in the S&P 500 decreasing about 0.2%, giving back small gains from earlier in the day.
In company news, Avid Technology ( AVID ) rose today after the digital media software company late Wednesday reported a much larger-than-expected Q1 profit, reversing a year-ago net loss, as revenue increased 20.3% over the same quarter last year.
Q1 net income during the three months ended March 31 was $20.9 million, or $0.53 per share, compared with a $169,000, or $0.00 per share, net loss last year and crushing a two-analyst consensus call expecting only $0.13 per share. Revenue rose to $143.8 million from $119.6 million last year, also topping the Street view by around $2.4 million.
The company also provided in-line revenue guidance for the current quarter and FY16.
AVID shares were up almost 9% at $5.88 each, easing somewhat from a session high of $6.04 a share.
In other sector news,
(+) SYNC, Selected to provide portal services for AT&T ( T ) customers driving user engagement. Contract expected to generate around $100 million in yearly revenue following full product deployment in 2017.
(-) CBR, Reports non-GAAP Q1 net loss of $0.13 per share, reversing year-ago profit and lagging Wall Street expectations for a $0.01 per share gain. Revenue falls 11% to $175.1 mln, trailing estimates by $20.9 mln.
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