Top Tech Stocks
Technology stocks were trading broadly higher today, with shares of tech companies in the S&P 500 posting a 0.7% advance.
In company news, NQ Mobile ( NQ ) fell hard during Tuesday trading after the Chinese mobile Internet services company last night reported Q3 revenue trailing analyst projections while also posting a significant drop in its adjusted profit during the three months ended Sept. 30 compared with year-ago levels.
Revenue grew 8.3% year over year to $87.9 million, missing the Street view looking for $103 million in quarterly revenue. Excluding one-time items, the company earned $905,000, or $0.01 per American depository share, trailing a $6.4 million and $0.07 per share adjusted profit during the year-ago period but still matching the Capital IQ consensus for the period.
NQ Mobile late yesterday also said it was temporarily suspending its revenue guidance, in part, due to the ongoing sale of some of its business segments.
NQ ADS were down nearly 13% this afternoon at $3.67 apiece, staying slightly above its $3.63 a share session low earlier during the session.
In other sector news,
(+) GIGA, (+156.8%) Signs software licensing arrangement with Lockheed Martin ( LMT ) to develop and license threat simulation software as a commercial product.
(-) LIVE, (-4.4%) Announces plans to sell, lease-back seven of its Marquis Industries properties for a combined $13 million, which it plans to use to reduce long-term debt.
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