Technology Sector Update for 11/20/2015: MENT,INTU,NMBL
Top Tech Stocks
Technology stocks were rising Friday afternoon, with shares of tech companies in the S&P 500 adding around 0.75%.
In company news, Mentor Graphics Corp. ( MENT ) tumbled to a 33-month low on Friday after the design automation software firm missed a single-analyst projection with its Q3 per-share earnings and forecast results for the current quarter sharply below Street views.
Excluding one-time items, Mentor Graphics earned $0.28 per share, missing the lone analyst call expecting $0.01 per share. Revenue declined 0.7% from year-ago levels to $290.5 million, roughly in-line with the Capital IQ consensus of eight analysts looking for $291.8 million.
For the November-to-January period, the company is expecting to earn around $0.47 per share on around $336 million in revenue, well below the lone-analyst earnings estimate of $0.97 per share and the multi-analyst revenue forecast expecting $439.3 million.
MENT shares were down nearly 33% at $18.73 each, recovering somewhat from a morning decline to their lowest price since February 2013 at $18.00 a share.
In other sector news,
(+) INTU, (+5.6%) Surprise fiscal Q1 adjusted EPS of $0.09 per share tops Street view expecting $0.04 per share loss. Revenue climbs 16.5% to $713 mln, beating $670.9 mln consensus. guides Q2 above consensus. Raises FY16 EPS guidance.
(-) NMBL, (-50.7%) Q3 net loss of $0.14 per share is $0.07 wider than Street view. Revenue also misses. Guides Q4 EPS, revenue below consensus. At least eight analysts downgrade NMBL stock today while two others slash their price targets.
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