Top Tech Stocks
Technology stocks firmed on Thursday, with shares of tech companies in the S&P 500 adding almost 1.6% in value today while the Philadelphia semiconductor index was posting a more than 1.9% gain.
Among technology stocks moving on news:
- Daqo New Energy ( DQ ) slumped Thursday, at one point sliding more than 11% lower, after the photovoltaic panels manufacturer priced a $110 million public offering of 2 million of its American depositary shares at $55 apiece, marking a 7% discount to the stock's closing price on Wednesday. The solar-panels company also issued a 30-day option to the underwriter to by up to 300,000 additional shares to cover possible overallotments. Daqo said it expects to use the net proceeds for general corporate purposes, including capital spending on additional capacity expansion or an upgrade of the entire business as well as working capital.
In other sector news:
+ QuinStreet Inc. ( QNST ) surged over 22% higher on Thursday, more than recouping all of an 18% pounding for the internet marketing firm on Wednesday, after reporting preliminary fiscal Q3 revenue exceeding Wall Street estimates. The company is expecting over $115 million in Q3 revenue, rising more than 45% over the year-ago period and beating the two-analyst mean looking for $91.1 million in revenue for the three months ended March 31. The early release of QuinStreet's financial data late Wednesday followed a New York-based hedge fund and short-seller earlier in the day slamming the company's business model as "fundementally flawed." Kerrisdale Capital Management also said in a research note explaining its short position that recent revenue gains for QuinStreet were a "sham" and concluded comparable-company multiples suggest a 50% downside for its share price. QuinStreet responded by saying the Kerrisdale assertions were "inaccurate, out-of-context and exaggerated."
+ Globalstar ( GSAT ) has pushed out as much as nearly 9% higher during Thursday trading after Mudrick Capital Management disclosed owning a 5.6% active stake in the mobile satellite voice and data company and also sending a letter to management concluding its stock is deeply undervalued. According to a regulatory filing late Wednesday, Mudrick said it was willing to loan $150 million to the company through a non-convertible securities transaction and help address its capital needs through 2019, adding it would not support any additional capital requests by the company with 53.1% shareholder Thermo Funding.
- Magal Security Systems ( MAGS ) declined Thursday, sliding over 4% lower after the physical and video security company said it has selected Dror Sharon to be its next CEO, succeeding Saar Koursh, who has been in the post since 2015. Sharon previously had been chief executive officer at Controp Precision Technology, which specializes in defense and homeland security products. Koursh is scheduled to continue as CEO through April 30 while Sharon is slated to take over on June 24. Magal general manager Yaniv Shachar will be acting chief executive during the nearly two-month interim period.