Top Tech Stocks
Technology stocks were moderately lower Tuesday afternoon, with shares of tech stocks in the S&P 500 down nearly 0.4%.
In company news, Comtech Telecommunications ( CMTL ) fell to a fresh five-year low on Tuesday after the networking equipment company missed Wall Street expectations with its fiscal Q4 earnings and revenue.
Net income during the three months ended July 31 fell to $5.5 million, or $0.34 per share compared with a $7.9 million profit and $0.48 per share during the same quarter last year and lagging the mean call of two analysts expecting $0.37 per share.
Net sales decreased 13.3 from year-ago levels to $77.5 million, trailing the $82.6 million on Capital IQ.
Separately, the company also declared a quarterly cash dividend of $0.30 per share, unchanged from the previous quarter and payable Nov. 20 to shareholders of record on Oct. 19.
CMTL shares were down over 18% at $21.47 apiece after earlier sinking to their lowest price since August 2010 at $21.29 a share. The stock has lost 17% so far this year.
In other sector news,
(+) ACLS, (+11.7%) Receives orders for its Purion M medium current implanter from three "leading" specialty chipmakers for high-volume production of image sensors, power devices and logic chips.
(-) TISI, (-20.8%) Sees adjusted Q1 EPS of $0.22, trailing Street view looking for $0.42 per share. Projected revenue of $222 mln lags $229.40 mln consensus. Lowers FY16 EPS guidance at least $0.38 below $2.53 per share consensus.
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