Technology

Technology Sector Update for 08/15/2017: EXTR,HMNY,PLAB

Top Tech Stocks

MSFT -0.14%

AAPL +1.36%

IBM -0.35%

CSCO +0.58%

GOOG -0.18%

Technology stocks were marginally higher Tuesday afternoon, with shares of tech companies in the S&P 500 rising less than 0.2% in recent trading.

In company news, Extreme Networks ( EXTR ) jumped out to a nearly 15% advance on Tuesday, reaching a session high of $10.69 a share, after the networking equipment manufacturer last night reported above-consensus fiscal Q4 financial results.

Excluding one-time items, the company earned $0.17 per share during the three months ended June 30, up from $0.10 per share during the same quarter last year and exceeding the Capital IQ consensus by $0.02 per share. Revenue increased 28% over year-ago levels to $178.7 million, also topping the $172 million Street view.

For the current quarter ending Sept. 30, Extreme Networks is expecting non-GAAP net income in a range of $0.11 to $0.17 per share, beating the analyst mean by at least $0.03 per share. It also sees revenue coming in between $200 to $210 million, surpassing consensus estimates by at least $32 million.

In other sector news,

(+) HMNY, (+8.6%) Announces deal to acquire a 51% ownership stake in a movie subscription technology company, MoviePass, for $27 mln.

(-) PLAB, (-18.5%) Fiscal Q3 EPS of $0.06 per share declines from $0.12 profit last year and missing Street view by $0.03 per share. Revenue declines 9% from year-ago levels to $111.6 mln, lagging the Capital IQ consensus by $3.4 mln.

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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