Top Tech Stocks
Technology stocks were hanging onto a small advance Monday, with shares of technology companies in the S&P 500 climbing about 0.2% in late trade.
In company news, Infosys ( INFY ) American depository shares declined Monday after the technology services company cut its forecast for FY15 growth, upstaging better-than-expected Q2 financial results.
The company today said it is expecting sales this year to grow between 6.4% to 8.4%, down from its prior guidance looking for 7.2% to 9.2% rise. Overall, Infosys is expecting its FY15 sales to increase 10% to 12% on a constant currency basis.
Infosys today also reported Q2 net income of INR 14.87 per share, topping the Capital IQ consensus by 0.75 per share. Revenue rose 17.2% over year-ago levels to INR 156.35 billion compared with the INR 151.66 billion consensus.
INFY shares were down almost 7% at $17.86 apiece, falling as low as $17.65 a share during earlier trade.
In other sector news,
(+) XGTI, CEO George Schmitt agrees to convert $500,000 loan to the company into XGTI common stock. Schmitt also indicated plans to buy moderate amounts of additional stock over time.
(-) CSIQ, Signs agreement to build large solar plant in Japan's Kumamoto prefecture. The plant is slated to begin operations in early 2017, generating around 57,000 megawatts, which be purchased by Kyushu Electric Power Co.
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