Technology

Technology Sector Update for 11/08/2017: AMSC,CMCM,RSYS

Top Tech Stocks

MSFT +0.26%

AAPL +0.68%

IBM +0.08%

CSCO +0.15%

GOOG +0.57%

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

AMSC CMCM

Other Topics

Commodities