Technology Sector Update for 02/07/2017: MU,CTS,SABR

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Technology stocks remain moderately higher today, with shares of tech companies in the S&P 500 holding on to a 0.3% advance in late-afternoon trading.

In company news, Micron Technology ( MU ) shares were little changed Tuesday afternoon, erasing declines earlier today that followed reports the chipmaker was interested in bidding for a stake in Toshiba's chip business that is coming up for sale.

Other suitors include SK Hynix and Bain Capital as a financial investor, according to the Reuters report, citing people familiar with the matter.

Toshiba reportedly would prefer private equity investors buying the stake, one of the sources told Reuters, explaining the company needs to produce billions of dollars by the end of March to offset the upcoming writedown of its U.S. nuclear power business - likely leaving too little time to complete a transaction with a rival chipmaker.

MU shares were up 1% at $24.58 each, finally breaking out of a tight range either side of its break-even mark of $24.34 a share in recent trade after recouping a 0.5% decline and a drop to $24.21 a share earlier in today's session.

In other sector news,

(+) CTS, Adjusted Q4 EPS of $0.29 exceeds Capital IQ consensus by $0.05 per share. Revenue climbs 8.9% over last year to $101.6 mln, exceeding the $102.03 mln Street view. Projected FY17 EPS of $1.12 to $1.22 beats analyst mean by up to $0.10 per share.

(-) SABR, Non-GAAP Q4 EPS of $0.27 lags Street by $0.04 per share. Revenue rises 9.4% to $829.6 mln, roughly in-line with the $828.5 mln consensus. FY17 earnings guidance misses by at least $0.15 per 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: MU , CTS , SABR

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