Top Tech Stocks
Technology stocks have turned moderately higher Friday, with shares of tech companies in the S&P 500 adding slightly less than 0.1% in value while the Philadelphia semiconductor index also was posting a nearly 0.1% advance.
Among technology stocks moving on news:
- Infosys ( INFY ) slumped Friday, falling 7%, after the Indian technology comglomerate announced its acquisition of Wongdoody, a US creative agency with offices in Los Angeles and Seattle, for an undisclosed amount and upstaging fiscal Q4 earnings that beat analyst estimates and an upcoming $0.15 per ADS special dividend. The company earned $0.26 per American depositary share on a GAAP basis during the January-to-March reporting period, up from $0.24 per ADS in the year-ago period and beating the Capital IQ consensus by a penny. Revenue rose 9.2% year-over-year to $2.81 billion and the company is projecting it FY19 revenue to increase 7% to 9% this year. It also said it will pay a final dividend of $0.31 per ADS in June followed by the special dividend.
In other sector news:
- Qualcomm ( QCOM ) was up more than 1% on Friday after the specialty chipmaker again extended its tender offer to acquire all of the outstanding shares of NXP Semiconductors ( NXPI ) for another week until April 20. Through the close of business on Thursday, about 16.2% of NXP Semi shares have been tendered, up just 0.2 percentage points over the April 5 total when Qualcomm last extended the tender period.
- AutoWeb ( AUTO ) jumped over 14% higher on Friday after the online car dealer said it has named Jared Rowe as its new chief executive officer, succeeding Jeffrey Coats effective immediately. Rowe, who also becomes president and a director on the Autoweb board, joins the company after more than two decades of management experience across the automotive and marketing industries, including senior positions at FordDirect, Cox Automotive, and Cerberus-backed YP Holdings.