Technology stocks are moderately lower with shares of tech
companies in the S&P 500 falling about 0.4%.
In company news, Skyworks Solutions Inc. (
) rallied Friday, with shares hitting some of their best levels
since April 2011 after the analog semiconductor company late
yesterday posted fiscal Q1 adjusted net income and revenue beating
SWKS earned $0.67 per share, excluding non-recurring items,
during the quarter ended Dec. 31, 2013, up from $0.55 during the
year-ago quarter and topping the Capital IQ consensus by $0.01 per
share. Revenue climbed 11.3% year over year to $505 million, also
beating Wall Street expectations by around $5 million.
The company issued upside guidance for its fiscal Q2 ending in
March, forecasting adjusted EPS of $0.59 on around $470 million in
revenue. Analysts, on average, are expecting SWKS to produce a
$0.57 per share profit on $460.50 million in revenue.
Shares were up 6% at $30.40 apiece, earlier rising to a 52 week
high of $31.80 a share, moving past $31 a share for only the second
time since April 25, 2011. Shares already were up more than 36%
over the past six months through yesterday's close, rising from a
low of $20.99 on July 9 - a period that includes SWKS beating
analyst expectations for earnings and revenue during both its
fiscal Q3 and Q4.
Analysts at Northland Securities today raised their price target
for SWKS by $5 to $40 a share, citing "another good quarter, with
small upside on the top- and bottom-lines." The research shop also
reiterated its Outperform rating for the stock.
In other sector news,
(+) KONE, (+195%, highest levels in about 2.5 years) Narrows
FY13 per-share net loss by 43% from year-ago levels, posting $3.65
loss during 12 months ended Sept. 30, 2013. Revenue balloons 697%
to $11.6 mln. Forecasts $500,000 to $1 mln FY14 profit on $12 mln
to $15 mln in revenue.
(-) INTC, (-3.5%) Earns $0.51 in Q4, lagging estimates by $0.01
per share. Revenue up 2.6% year over year to $13.83 bln, topping
consensus view by $90 mln. Sees Q1 revenue of $12.3 bln to $13.3
bln and gross margins of 59%, matching Street estimates.
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