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By Market News Video Staff, Thursday, November 11, 11:50 AM ET
Concur Technologies (NASDAQ:CNQR) reported an outlook that disappointed analyst expectations late yesterday, and faced a downgrade of its stock today. The maker of expense management software said adjusted profits in its fiscal fourth quarter totaled $0.19 per share, in-line with analyst expectations, but the company’s outlook for first quarter earnings of $0.18 per share fell short of analyst forecasts.
Morgan Keegan downgraded the stock today, from Outperform to Market Perform, on valuation. Goldman Sachs (NYSE:GS), which has a neutral rating on the stock, lowered its EPS estimates for the company, and set a $51 price target. Concur shares are trading lower by 7.6% on Thursday.
CNQR is one of the top holdings of the S&P SmallCap Information Technology Portfolio (XLKS), at 2.7% of the portfolio, behind Varian Semiconductor Equipment (VSEA) at 2.72% of the fund, Cypress Semiconductor (NASDAQ:CY) at 2.7% of the portfolio, and Veeco Instruments (NASDAQ:VECO) and Microsemi (NASDAQ:MSCC) round out the top five holdings.
The ETF Channel Flexible Growth Investment Portfolio is designed to seek growth for investors — anywhere and everywhere. The key to the program is our portfolio strategy allows us complete flexibility in terms of asset allocation as there are no predetermined guidelines as to the level of stocks, bonds, cash, regions, countries, sectors, commodities, or even asset classes in the portfolio! In short, this is a completely flexible portfolio designed to follow the performance trail wherever it leads us.
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Analyst Moves: LRCX, GNW
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Weekly Market Wrap: May 11, 2012
Analyst Moves: LRCX, GNW
