Technology

Technology Sector Update for 10/26/2016: JNPR,UIS,SONS

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Technology stocks were slightly lower today, with shares of tech companies in the S&P 500 dropping about 0.3% in recent trade.

In company news, Juniper Networks ( JNPR ) was surging during Wednesday trade after the communications equipment company recorded Q3 financial results beating Wall Street expectations.

Excluding one-time items during the three months ended Sept. 30, the company earned $222 million, or $0.58 per share, little changed from its year-ago results but still topping the Capital IQ consensus by $0.06 per share. Net revenue rose 3% over the same quarter last year to $1.29 billion, also exceeding the $1.25 billion Street view.

For the current quarter ending Dec. 31, Juniper is projecting non-GAAP earnings between $0.59 to $0.65 per share, in-line with the $0.60 per share consensus call. The company also is looking for Q4 revenue in a range of $1.32 billion to $1.38 billion, in-line to largely above the $1.32 billion analyst mean.

JNPR shares recently were ahead by almost 12% at $26.48 apiece, holding on to most of a prior gain that lifted the stock to a session high of $26.84 a share.

In other sector news,

(+) UIS, (+17.9%) Q3 net income of $0.41 per share exceeds Street view by $0.12 per share. Revenue declines 7.6% from year-ago levels to $683.3 mln, also topping the Capital IQ consensus by around $9.7 mln.

(-) SONS, (-15.8%) Anounces post-Taqua buyout reorganization to eliminate redundant positions and facilities. Expects non-GAAP FY16 EPS between $0.27 to $0.30 on $252 mln to $254 mln in revenue; Street is looking for $0.36 per share profit on $262.6 mln in revenue this year.

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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