Technology

Technology Sector Update for 07/25/2017: CVLT,QBAK,STX

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Technology stocks were drifting slightly lower Tuesday, with shares of tech companies in the S&P 500 falling less than 0.1%.

In company news, Commvault Systems ( CVLT ) was higher in afternoon trading, with shares of the networking software company today rising nearly 6% to a session high of $64.47 each after it reported fiscal Q1 net income and revenue beating Wall Street expectations.

Excluding one-time items, the company earned $0.21 per share during the April-to-June reporting period, topping the Capital IQ consensus by $0.03 per share. Revenue grew 9.4% over year-ago levels to just under $166 million, also exceeding the $159.9 million consensus.

In other sector news,

(+) QBAK, (+14.5%) N2Power subsidiary recently receives $600,000 in new orders from an existing customer in the gaming industry. The orders should ship over the next five months through the end of the year.

(-) STX, (-15.5%) Adjusted Q4 EPS of $0.65 misses by $0.33 per share. Revenue falls 9.3% to $2.41 bln, trailing the $2.56 bln consensus. Promotes chief operating officer Dave Mosley to CEO, effective Oct. 1, succeeding Steve Luczo, who will become executive board chairman.

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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