Top Tech Stocks
Technology stocks fell Wednesday, with shares of tech companies in the S&P 500 losing more than 0.3% in value today while the Philadelphia semiconductor index was posting a 0.4% decline.
Among technology stocks moving on news:
- Check Point Software Technologies ( CHKP ) stumbled to a 16-month low on Wednesday, sinking almost 9% to its lowest share price since December 2016 at $93.76 a share despite reporting better-than-expected non-GAAP Q1 net income along with revenue matching analyst estimates for the three months ended March. 31. Excluding one-time items, the IT security software firm reported adjusted net income of $1.30 per share, improving $0.10 per share over year-ago levels and beating the Capital IQ consensus by $0.02 per share. Total revenue rose to $452.3 million from $435.5 million last year.
In other sector news:
+ Silicon Labs ( SLAB ) rose as much as 6% on Wednesday after reporting adjusted Q1 net income of $0.87 per share and beating the Capital IQ consensus by $0.11 per share. Total revenue rose to $205.4 million from $179 million during the same quarter last year to also exceed Wall Street projections by around $5.7 million. The company is expecting non-GAAP net income for the current quarter in a range of $0.81 and $0.87 per share, straddling the $0.83 per share Street view. Q2 revenue is seen coming in between $211 million to $217 million, topping the analyst mean by at least $4.9 million.
+ STMicroelectronics ( STM ) was ending about 3% higher on Wednesday, giving back roughly half of its prior 6% advance that followed it reporting Q1 financial results narrowly beating Wall Street expectations. Adjusted EPS more than doubled its $0.12 non-GAAP profit last year, rising to $0.28 and exceeding the analyst mean by a penny. Revenue grew 22.2% year over year to $2.23 billion, also sneaking past the $2.2 billion consensus. It sees Q2 revenue climbing 1.5% sequentially to $2.26 billion compared to the two-analyst mean expecting $2.25 billion in revenue for the current quarter.
- Twitter ( TWTR ) was down almost 5% in Wednesday mid-day trade despite reporting Q1 net income and revenue exceeding consensus estimates and an increase in active users. Excluding one-time items, it earned $0.16 per share, topping the Street view and year-ago comparisons by $0.05 per share. Revenue rose 21% year over year to $665 million, also beating the $607.6 million analyst mean.