Technology Sector Update for 04/20/2017: QCOM,MVIS,PFPT


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MSFT +0.68%

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Technology stocks were mostly higher Thursday, with shares of tech companies in the S&P 500 advancing over 0.8% in recent trading.

In company news, Qualcomm ( QCOM ) has ticked lower, with shares of the specialty chipmaker giving back an early gain when a brokerage today reduced its price target for the company's stock by 10% despite its better-than-expected fiscal Q2 financial results.

Excluding one-time items, the tech company earned $1.34 per share during the three months ended March 26, beating the analyst consensus by $0.15 per share. Non-GAAP sales rose 8% over year-ago levels to $5.99 billion, also exceeding the $5.89 billion consensus.

Qualcomm also issued in-line Q3 guidance, forecasting adjusted net income in a range of $0.90 to $1.15 per share on between $5.3 billion to $6.1 billion in non-GAAP sales. The Street is expecting adjusted EPS of $1.10 on $5.9 billion in sales for the current quarter ending in June.

Analysts at BMO today lowered their price target for Qualcomm shares by $6 to $54 a share, also reiterating their Market Perform rating.

QCOM shares opened at their session high, rising around 1.5% to a session high of $53.40 apiece, but slid to negative ground within the first 10 minutes of trading today and quickly bottomed out at $51.40 a share. The stock recently was down about 0.4% at $52.39 a share.

In other sector news,

(+) MVIS, (+14.4%) Signs contract with "major" technology firm to develop a laser beam scanning display system worth up to $24 mln over 21 months, including $14 mln in milestone payments as preliminary work progresses.

(-) PFPT, (-8.1%) Reduced to Neutral from Outperform at Robert W. Baird, which also cut its price target for the company's stock by $15 to $77 a share.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Technology , Commodities
Referenced Symbols: QCOM , MVIS , PFPT


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