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

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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.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

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

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