Technology Sector Update for 05/11/2016: CSIQ,TWER,MTSC

Top Tech Stocks

MSFT +0.45%

AAPL -0.58%

IBM -0.24%

CSCO -0.68%

GOOG -0.49%

Technology stocks were outperforming most sectors, with shares of tech companies in the S&P 500 slipping about 0.3%.

In company news, Canadian Solar ( CSIQ ) was sharply higher in late Wednesday trading after the photovoltaic panels company reported Q1 net income and revenue beating Wall Street projections and raised its FY16 revenue guidance.

The company earned $22.6 million, or $0.39 per diluted share, during the first three months of 2016, down from $61.3 million during the year-ago period but still crushing the Capital IQ consensus by $0.21 per share. Revenue declined 31% from year-ago levels to $772.4 million, also topping analyst estimates by $110.3 million.

For FY16, Canadian Solar increased its forecast for revenue by $100 million over its prior outlook to a new range of $3.0 billion to $3.2 billion, bracketing the analyst consensus looking for $3.16 billion in revenue this year.

Separately, the company also said it had named Huifeng Chang as its new chief financial officer, replacing Michael Potter, who intends to leave Canadian Solar to pursue other interests following a transition period. Chang had joined the company as senior vice president for corporate strategy, business development and finance early this year.

CSIQ shares were ahead almost 13% to $17.45 each, or just a penny under its session high.

In other sector news,

(+) TWER, Narrows Q1 net loss to $7.0 mln, or $0.10 per share, compared with $8.9 mln loss during the year-ago period despite 6.1% year-over-year decline in revenue to $6.7 mln.

(-) MTSC, Lowers FY16 earnings guidance to $2.60 to $3.00 per share from prior range of $3.03 to $3.28, trailing analyst consensus expecting $3.14 per share. Adjusted Q2 EPS of $0.27 lags Street view by $0.44 per share. Revenues also miss.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

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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