Chris Lau, Kapitall: We’re entering earnings season again, so are there some tech stocks to watch now?
Congress finally agreed to a deal covering the federal budget and debt ceiling, but earnings season for the markets has been marching ahead like it’s business as usual.
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We’ve already told you about some healthcare firms potentially benefitting during this time, but what about tech stocks? And are there any names on the brink of a downward trend?Click on the interactive charts below to see data over time. Enterprise IT Enterprise virtualization product provider Citrix Systems (CTXS) issued a quarterly earnings warning, sending its shares down 16% on the week of October 9 and down nearly 20% on the month. Without any reasons provided for the negativity, investors may be wondering if other enterprise software and services vendors are facing a tough quarter. If they are, then more downside could be expected. Citrix said that revenue for the quarter ended September 30 will be $710 – $712 million, compared with a previous guidance that was as high as $740 million. Net income will be $0.39 – $0.40 per share, a penny shy of the guidance of $0.41-$0.42 per share provided previously. Citrix will provide more details on the lower earnings on October 23, 2013. Other tech stocks to watch Citrix is not the only company giving earnings warnings. In September, Red Hat (RHT) announced it would report lower revenue in its fiscal 2014. Revenue is expected to be $1.51 – $1.52 billion, compared to a previous consensus of $1.53 billion. For Q3, revenue is expected to be much lower than consensus, at $381 – $384 million, compared to $391.5 million. Red Hat faced slower billings in Europe, while large deal arrangements contributed less to results.
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