Technology

Technology Sector Update for 06/17/2016: DTRM,SKYS,CMTL

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MSFT -0.48%

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Technology stocks were back near their session lows late in Friday trading, with shares of tech companies in the S&P 500 dropping almost 0.9% just before the closing bell.

In company news, Determine ( DTRM ) rose Friday after the enterprise software firm reported a smaller fiscal Q4 net loss and improved revenue compared with year-ago levels.

Net loss during the three months ended March 31 was $4.8 million, or $0.42 per share, improving on the company's $4.3 million and $0.53 per share loss during the same quarter last year.

Excluding one-time items, the company recorded a non-GAAP net loss of $0.20 per share, paring a $0.22 per share net loss during the same quarter last year and missing the Capital IQ consensus expecting a $0.14 per share loss. Revenue rose 13.6% over last year to $6.7 million, also lagging the analyst consensus expecting $6.8 million in quarterly revenue.

Overall, Dertermine said total bookings during the now-concluded fiscal year grew 22% over the prior year to $28.7 million, including around $1.2 million in new annual recurring revenue during Q4 alone.

DTRM shares were up almost 5% at $1.32 apiece, jumping to a session high of $1.74 a share soon after today's opening bell.

In other sector news,

(+) SKYS, Reports Q1 net loss of $0.02 per share, reversing year-ago profit of $0.05 per share. Revenue rises 13.6% over last year to $11.7 mln but still trails Street view by $1.7 mln.

(-) CMTL, Prices $100 mln offering of 7.1 ml shares at $14 apiece, a 13.1% discount to Thursday's closing price.

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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