Technology Sector Update for 09/25/2015: INAP,JBL,SYRX
Top Tech Stocks
Technology stocks were mostly higher, with shares of technology companies in the S&P 500 ahead by about 1% this afternoon.
In company news, Internap Corp ( INAP ) slumped to a 14-month low Friday after the data-center equipment and services company late Thursday forecast Q3 revenue lagging analyst estimates, also lowering its outlook for net sales for the rest of the current year.
Internap is now expecting revenue during the quarter ending next week in a range of $77.5 million to $79 million, trailing the Capital IQ consensus expecting $83.1 million. The company also pared its FY15 revenue guidance to a new range of $320 million to $325 million, down from its prior outlook looking for $331 million to $337 million and missing the Street view expecting $331.88 in revenue this year.
INAP shares were down nearly 18% at $6.91 apiece, recovering somewhat from a decline to it lowest price since late July 2014 at $6.47 a share. Over the past year, the stock had risen just over 22% through Thursday's close.
In other sector news,
(+) JBL, (+15.8%) Posts Q4 EPS of $0.53 tops Street view by $0.9 per share. Revenue grew 15.4% to $4.68 bln, beating $4.55 bln consensus. Projected Q1 earnings of $0.72 to $0.88 per share at least $0.13 above estimates. Revenue outlook also beats expectations.
(-) SYRX, (-36.3%) Discloses plans for a public offering of its stock but provides no details yet on the number of shares or pricing of the deal.
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