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Technology Sector Update for 03/15/2018: SRT,BITA,TEUM


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Technology stocks were firming Tuesday, with shares of tech companies in the S&P 500 adding almost 0.3% in value while the Philadelphia semiconductor index was posting a more than 0.2% gain.

Among technology stocks moving on news:

- StarTek ( SRT ) has reversed course Thursday, giving back all of a more than 5% gain to a session high of $11.08 a share, that followed the business processing technology company saying it was merging with ESM, a customer-engagement company also known as Aegis and a portfolio company of private-equity investors Capital Square Partners. Under the terms of the proposed $216.9 million transaction, StarTek will issue 20.6 million shares of its common stock to Capital Square in exchange for all of Aegis' outstanding stock. At closing, Capital Square also will increase its investment in the merged companies by $10 million, buying 833,333 StarTek shares at $12 apiece and increasing its overall stake to around 55%. Capital Square will also have the right to select a majority of the StarTek board of directors.

In other sector news:

- Bitauto Holdings ( BITA ) tumbled Thursday after the Chinese ecommerce company issued a Q1 sales forecast trailing analyst projections. The company is expecting between RMB1.96 billion to RMB2.01 billion in sales during the current quarter, equating to a range of $301.8 million to $309.5 million and lagging the $325.6 million Capital IQ consenus. Excluding one-time items, the company earned RMB0.72, or about $0.11 per share, during Q4, topping the Street view looking for $0.10 per share. Revenue jumped 53.8% year over year to RMB2.69 billion, or $413.5 million, also topping the $378.7 million analyst mean.

- Mobile networking software company Pareteum ( TEUM ) was lower Thursday afternoon despite saying it recently won a three-year contract from a California-based communications platform as a service company worth around $1.5 million. Pareteum will assist the company's enterprise customers in adding mobile services and connections to their respective platforms.

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: SRT , BITA , TEUM


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