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Technology Sector Update for 05/16/2018: SE,MGIC,CSIQ,ORCL


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Top Tech Stocks

MSFT +0.02%

AAPL +0.74%

IBM +0.43%

CSCO -0.53%

GOOG +0.18%

Technology stocks were paring some of the mid-day gains shortly before Wednesday's closing bell, with shares of tech companies in the S&P 500 adding over 0.3% in value today while the Philadelphia semiconductor index was posting a more than 1.2% gain.

Among technology stocks moving on news:

+ Sea Limited ( SE ) topped out Wednesday with a more than 11% gain after the digital entertainment and e-commerce company enjoyed an 81% increase in Q1 revenue compared with year-ago levels and topped analyst projections for the January-to-March reporting period as well as raising its outlook for total revenue this year. The company generated $197 million in non-GAAP revenue during the three months ended March 31, up from $108.8 million during the same quarter last year and beating the Capital IQ consensus by $37.5 million. Looking forward, the company is now projecting FY18 revenue in a range of $780 million to $820 million, up $50 million on both ends of its prior outlook but trailing the four-analyst mean expecting $829.7 million in revenue this year. The company also saw its adjusted Q1 net loss more than triple compared with year-ago levels, widening to an adjusted Q1 net loss of $205.5 million versus a $67 million non-GAAP loss last year.

In other sector news:

+ Magic Software Enterprises ( MGIC ) was higher Wednesday afternoon, climbing over 2% in recent trading, after the mobile and cloud-based enterprise applications company reported improved adjusted Q1 net income compared with year-ago levels and revenue topping Wall Street projections. Excluding one-time items, the company earned $0.14 per share during the three months ended March 31, climbing a penny above the same quarter last year and matching the three-analyst consensus. Revenue rose to $69.7 million from $60.8 million last year and beating the $66.6 million Street view.

+ Canadian Solar ( CSIQ ) rose Wednesday after the photovoltaic-panels manufacturer swung to a Q1 profit following a net loss during the same quarter last year and revenue beating analyst projections. The company earned $0.72 per share during the three months ended March 31, reversing a $0.23 per share net loss during the year-ago period and topping the Capital IQ consensus expecting $0.38 per share. Revenue rose to $1.42 billion compared with $677 million last year and also exceeding the the $1.38 billion analyst mean. For the current quarter ending June 30, the company is projecting revenue in a range of $690 million to $730 million, trailing the $1.04 billion Street view.

- Oracle ( ORCL ) declined Wednesday after the enterprise software company announced its purchase of privately held data-science company DataScience.com. Financial terms of the acquisition were not disclosed.

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: SE , MGIC , CSIQ , ORCL


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