Top Tech Stocks
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.