Top Tech Stocks
Technology stocks added to their narrow gains from earlier in Wednesday trading, with shares of tech companies in the S&P 500 putting up a nearly 0.5% gain just before today's closing bell.
In company news, American Superconductor ( AMSC ) found its kryptonite on Tuesday, with shares of the specialty electronic components manufacturer's stock dropping by nearly 14% to a session low of $3.63 apiece as investors reacted to forecasts expecting a wider-than-expected adjusted net loss and revenue declining at least 34% during the current quarter from year-ago levels and also missing Wall Street expectations.
For its fiscal Q3 ending Dec. 31, the company is modeling a non-GAAP net loss of $0.38 per share or less and revenue in a range of $14 million to $18 million. That compares with the Capital IQ consensus expecting an non-GAAP net loss of $0.37 per share on $20.41 million in revenue.
During the recently concluded fiscal Q2, the company narrowed its adjusted net loss during the three months ended Sept. 30 to $0.44 per share from a $0.60 per share non-GAAP net loss during the same quarter last year, beating the analyst mean looking for an adjusted net loss of $0.69 per share. Revenue fell 41.6% year over year during Q2 to $11 million, roughly in-line with the $10.93 million Street view.
In other sector news,
(+) CMCM, Receives $86.6 mln in total consideration for its New Republic mobile news agrregating platform from Bytedance, which also invests $50 mln in Cheetah's Live.me subsidiary's Series B funding round.
(-) RSYS, Non-GAAP Q3 net loss of $0.28 per share was $0.14 per share wider than Capital IQ consensus. Revenue declines 48% to $28.8 mln, beating the $28.11 mln analyst mean. Sees adjusted Q4 net loss between $0.02 to $0.08 per share on between $29 mln to $31 mln in revenue, lagging Street view by at least $0.01 per share and $3.01 mln, respectively.
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