Top Tech Stocks
Technology stocks were little changed Wednesday, with shares of tech companies in the S&P 500 losing less than 0.1% in value while the Philadelphia semiconductor index was posting a 0.1% gain.
Among technology stocks moving on news:
+ Silicon Labs ( SLAB ) was up 6% on Wednesday after the chipmaker reported adjusted Q1 net income of $0.87 per share, improving on a $0.63 per share non-GAAP profit during the first three months of 2017 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 ago and exceeded the Street projection by around $5.7 million. The company also is projecting adjusted earnings for the current quarter ending June 30 in a range of $0.81 and $0.87, straddling the $0.83 per share Street view. Q2 revenue is expected between $211 million to $217 million, topping the analyst mean by at least $4.9 million.
In other sector news:
+ STMicroelectronics ( STM ) was about 3% higher in recent Wednesday trading, giving back roughly half of its prior 6% advance that followed the specialty chipmaker 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 trading 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.