Tech Stocks Slowly Building on Morning Decline

Technology stocks were narrowly lower this afternoon, with shares of tech companies in the S&P 500 losing almost 0.2% in value.

In company news, Sequans Communications (SQNS) plunged Wednesday, dropping almost 40% to a session low of $1.84 a share, after the 4G chipmaker for wireless devices late Tuesday lowered its Q3 revenue guidance below analyst estimates.

The company is now expecting revenue during the three months ended Sept. 30 in a range of $11 million to $11.2 million, down from its prior guidance looking for $15 million to $17 million in revenue and trailing the Capital IQ consensus by at least $4.7 million.

Sequans also is now projecting a non-GAAP Q3 net loss between $0.06 to $0.07 per share, narrowing its prior range expecting a $0.05 to $0.07 per share loss. Analysts, on average, are modeling a Q3 loss of $0.06 per share.

In other sector news,

(+) BSFT, (+4.1%) Sets a new record high following reports the company is in advanced talks about a potential buyout transaction with Searchlight Capital Partners, according to Bloomberg, citing people familiar with the matter.

(-) NETE, (-28.3%) Planned 1-for-10 reverse stock split to become effective Thursday, Oct. 5, at 12:01 a.m., reducing the number of outstanding shares to 2.2 million from 22 million shares currently.

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