Top Tech Stocks
Technology stocks were rising this afternoon, with shares of tech companies in the S&P 500 adding nearly 0.7% in value today while the Philadelphia semiconductor index was posting a more than 0.5% gain.
Among technology stocks moving on news today:
Longfin ( LFIN ) was more than 10% higher in late trade after Monday telling the market to disregard its previous announcement an unnamed institutional investor was taking a $52.7 million stake in the financial technology company by acquiring convertible note instruments. Longfin shares raced more than 15% higher soon after today's opening bell, reaching a session high of $48.80 a share, only to give almost all of those gains following its $9:59 a.m. ET disregard announcement. The stock has since recovered more than half of that previous advance today, likely aided by the company's separate announcement it will soon launch "Ziddu smart contracts" on the Ethereum blockchain - currently the only marketplace for decentralized smart contracts - beginning with contracts for bullion financing by mid-year. Future plans include contracts for peer-to-peer lending, warehouse financing, structured products and FX/OTC derivative segments, Longfin said.
In other sector news:
- Nuance ( NUAN ) was up strongly during Monday trade after issuing preliminary fiscal Q1 financial results exceeding its prior guidance and Wall Street expectations. The company is now projecting a non-GAAP Q1 profit between $0.26 to $0.27 per share, up from $0.19 to $0.22 per share previously and beating the Capital IQ consensus looking for $0.22 per share. It also is looking for revenue in a range of $500 mln to $503 mln compared with $478 mln to $492 mln in its prior forecast and also topping the $492.1 mln consensus view.
- Education technology company 2U ( TWOU ) was higher this afternoon after signing a strategic partnership with WeWork, a provider of shared workspaces. Under the terms of the partnership, WeWork will open its workspaces to students in 2U-powered online graduate programs while 2U will provide $5 mln for scholarships for WeWork community members and employees to participate in 2U graduate programs and short courses.
- Entegris ( ENTG ) was edging lower Monday afternoon, reversing a 2.5% advance earlier today to reach a new record high of $34.80 a share that followed the chip-making supplier today said it was acquiring privately held Particle Sizing Systems LLC for around $37 million in cash. Particle Sizing Systems focuses on particle-sizing instrumentation for liquid applications in the semiconductor and life science industries. Entegris is expecting the transaction to add to its FY18 per-share earnings.