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Technology Sector Update for 10/02/2015: PRGS,CAMP,WOWO

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Technology stocks were hanging on to moderate gaoms this afternoon, with shares of technology companies in the S&P 500 jumping nearly 0.5%.

In company news, Progress Software ( PRGS ) tumbled to a 15-month low on Friday after the enterprise software firm missed Wall Street forecasts with its Q3 revenue as well as with its revenue outlook for the current quarter.

Revenue during the three months ended August 31 rose 27% over year-ago levels to $100.7 million but still came short of the $102.8 million consensus. The revenue miss upstaged better-than-expected adjusted net income for the period, with Progress earning $0.39 per share, topping the Capital IQ consensus by $0.02 per share.

The company said it sees Q4 non-GAAP revenue in a range of $113 million to $118 million, lagging the Street view by at least $3.6 million.

PRGS shares recently were down nearly 10% at $23.18 each, this morning dropping to its worst level since June 2014 at $21.94 a share.

In other sector news,

(+) CAMP, (+15.2%) Adjusted Q2 EPS of $0.27 beats by $0.01 per share. Revenue rises 17.9% to $69.81 million, topping $68.1 million consensus. Guides Q3 earnings, revenue in-line. Narrows FY16 revenue guidance but still matches consensus.

(-) WOWO, (-1.5%) Co-CEO Jianguang Wu tenders resigns, also giving up board seat, citing personal reasons.

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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