Tech Stocks Make Small Advance

Technology stocks were slightly higher in late-afternoon trading, with shares of tech companies in the S&P 500 posting a nearly 0.4% gain. In company news, Calix (CALX) declined Wednesday after the broadband networking access company late yesterday reported a significantly larger Q4 net loss than Wall Street was expecting and also offered up a below-consensus earnings outlook for its current quarter.

Excluding one-time items, Calix recorded a $0.14 per share net loss during the three months ended Dec. 31, missing the Capital IQ consensus looking for a $0.01 per share adjusted Q4 net loss. Revenue rose 25.5% over year-ago levels to $131.8 million, exceeding the $129.35 mln consensus.

For the three month ending March 31, the company is projecting an adjusted net loss of $0.57 to $0.49 per share, missing the Street view expecting a $0.07-per-share non-GAAP net loss by a sizable margin. It also sees revenue in a range of $110 million to $114 million compared with the analyst mean expecting $110.70 million.

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