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Technology stocks were mostly higher, with shares of technology companies in the S&P 500 rising nearly 1.4%.
In company news, Comtech Telecommunications Corp. ( CMTL ) slid Thursday after the networking equipment company said its fiscal Q1 revenue fell compared with year-ago levels, also missing analyst expectations.
Net sales during the three months ended Oct 31 declined 8.4% from the same quarter last year to $76.4 million, lagging the Capital IQ consensus by around $2.44 million. The company said the year-over-year decrease reflects lower net sales across all three of its operating segments.
GAAP net income was $5.2 million, or $0.32 per share, down from a $5.3 million profit last year. Excluding about $600,000 in expenses linked to the company's recent study of strategic alternatives, non-GAAP net income was $5.6 million, or $0.34 per diluted share, beating Wall Street projections by $0.05 per share.
The company also narrowed its FY15 revenue outlook to a new range of $355 million to $365 million, in-line with estimates expecting around $359.67 million. It also reaffirmed its forecast for GAAP earnings of between $1.70 to $1.86 per share.
CMTL shares were down more than 6% at $33.08 apiece, recovering from a slide to a session low of $31.61 a share. The stock has traded within a 52-week range of $29.27 to $40.69 a share, rising slightly more than 11% over the past 12 months prior to Thursday's slide.
In other sector news,
(+) CIEN, (+8.8%) Posts surprise Q4 net loss of $0.12 per share, trailing Capital IQ consensus by $0.20 per share. Revenue grows 1.3% year over year to $591 mln, beating estimates by around $1.56 mln.
(-) ATTO, (-1.8%) Sells operations in the Czech Republic to Comdata for an undisclosed sum.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
