Top Tech Stocks
Technology stocks were edging lower today, with shares of tech companies in the S&P 500 sinking less than 0.1%.
In company news, Nuance Communications ( NUAN ) shares rose after the networking software firm last night reported fiscal Q4 net income and revenue topping Wall Street estimates, prompting at least one analyst upgrade of the stock today.
Excluding one-time items, the company earned $0.41 per share during the three months ended Sept. 30, matching year-ago levels and beating the Capital IQ consensus by $0.02 per share. Revenue slipped 0.2% from the same quarter last year to $512.5 million, also exceeding the analyst mean by around $7.3 million.
Nuance also said its board of directors recently extended the employment contract for board chairman and CEO Paul Ricci through the first half of fiscal 2018 - or March 31, 2018, on a calendar basis. Ricci plans to step down at the end of his new term and the board has indicated it will soon begin a search process to identify and hire his successor.
Following the upbeat Q4 financial results, analysts at Raymond James today raised their investment call for Nuance stock to Strong Buy from Outperform.
NUAN shares were up just under 10% at $17.08 apiece, previously topping out today at $17.47 a share.
In other sector news,
(+) IPWR, (+9.5%) FBR & Co. begins analyst coverage with an Outperform investment rating and an $8 price target.
(-) ASYS, (-11.6%) Expects Q1 revenue in a range of $25 mln to $27 mln, trailing two-analyst Street view by at least $13.9 mln. Weak outlook upstages smaller-than-expected Q4 net loss of $0.02 per share and above-consensus 50.4% revenue increase to $42.4 mln.
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