Technology

Technology Sector Update for 08/07/2017: FNJN,IIVI,GOGO

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Technology stocks were padding their steady advance Monday, with shares of tech companies in the S&P 500 posting a more than 0.5% gain this afternoon.

In company news, cyber-security firm Finjan Holdings ( FNJN ) was lower in late Monday trading, staying within close range of its $2.96-a-share session low and receiving little apparent help from its announcement it has filed suit in federal court in northern California and accusing a rival firm of infringing on 10 of its U.S. patents.

Privately held SonicWall Inc and Finjan initially partnered in June 2014 to promote Finjan's behavior-based technologies to disable online malicious content. But the companies were never able to negotiate terms of an associated licensing agreement, and after 36 months of protracted talks, Finjan said it was turning to the courts seeking a resolution.

Finjan also has patent lawsuits pending against FireEye ( FEYE ), Symantec Corp ( SYMC ), Palo Alto Networks ( PANW ), Cisco ( CSCO ) and Blue Coat Systems (BCSI).

In other sector news,

(+) IIVI, Adjusted fiscal Q4 EPS of $0.50 tops two-analyst mean by $0.15 per share. Revenue climbs 13.4% to $273.7 mln, also topping the $273.7 mln consenus call. Guides Q1 earnings, revenue above Street views.

(-) GOGO, Q2 net loss widens to $0.56 per share from $0.50 per share during same quarter last year and missing the Capital IQ consensus expecting a $0.51 per share net loss. Revenue totals $172.8 mln, beating the $167.6 mln analyst mean.

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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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